Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Mortgage applications rise 28pc

Staff Reporter 3 minute read

More Australians are taking out mortgages as low interest rates and government handouts make owning a home more feasible, a new consumer credit survey has found.

According to Veda Advantage’s survey of consumer credit, there was a 28 per cent rise in applications for home loans in the year to 30 June.

Veda Advantage’s general manager Russell Evans said Australians' appetite for mortgage finance is at an all time high.

"Veda's measure of mortgage inquiry growth and volumes for the June quarter 2009 is higher than at any time in the past five years,” Mr Evans said.

Advertisement
Advertisement

“ This continuing high level of demand is a response to high levels of housing affordability, low interest rates and the Federal Government's first home buyers' grant.”

In the months from September 2008 to April 2009, the Reserve Bank of Australia (RBA) lowered the cash rate by 4.25 percentage points to a 49-year-low of three per cent.

In mid-October, the federal government doubled the first home owners grant to $14,000 for existing dwellings and tripled it to $21,000 for newly built homes.

Mortgage applications rise 28pc
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
handshake news Ex-broker head to lead MyState banking

A former broker head has returned to MyState Bank to tackle turna...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...