Research Discussion Paper – RDP 2017-05 The Property Ladder after the Financial Crisis: The First Step is a Stretch but Those Who Make It Are Doing OK

Contents

• Introduction
• Literature Review
• ‘Generation Rent’ and the First Step on the Property Ladder
• How Much Debt Do FHBs Take on?
• FHBs' Post-purchase Experience
• The Role of the Deposit
• Conclusion
• Appendix A: Data
• Appendix B: Heckman Selection Model
• Appendix C: Extensions and Robustness Tests
• References
• Copyright and Disclaimer Notices

We would like to thank Gianni La Cava, Bernadette Donovan, Luci Ellis, Matthew Read and Trent Saunders for helpful comments and discussions. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia. The authors are solely responsible for any errors.