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First home buyers, refinancing boost market activity

Staff Reporter 1 minute read

Increased first home buyer and refinancing business over October has driven an 18 per cent increase in mortgage sales for AFG.

The aggregation group revealed yesterday that first home buyer business increased by 60 per cent in October from the middle of the year, driven by attractive government incentives, lower rates and improved affordability.

Refinancing also hit an all time high of 40.9 per cent as borrowers sought cheaper deals.

Mark Hewitt, general manager of sales and operations at AFG, said current market conditions made it a good time to be a first home buyer, despite turmoil in global markets.

“Property prices are more attractive than they have been for a while, government incentives are more generous than ever before, and rates are on their way down.

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“We’re also experiencing an unprecedented level of refinancing as buyers abandon second tier lenders for the major banks, who now control 89 per cent of the mortgage market,” he said.

Published: 07-11-08

First home buyers, refinancing boost market activity
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