Mortgages get lower for 1st time buyers

Decline in some first-tier cities may have positive impact across the nation

Banks in Shanghai and Shenzhen have started to offer mild discounts for first-time home buyers, while Beijing's mortgage rate remains unchanged, according to online loan search platform Rong360.com.

In Shanghai, all four major State banks - Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China - are offering first-time home buyers a 95 percent discount based on the benchmark interest rate, which is currently 4.9 percent.