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.

×

Warning

JUser: :_load: Unable to load user with ID: 870

AFG breaks monthly loan record

money increase  x money increase  x
3 minute read

Australian Finance Group has seen a record-breaking month of loan processing off the back of surging refinancing demand, according to its monthly index.


The aggregator announced yesterday that it processed a total of $5.02 billion in May, indicating 18.9 per cent annual growth on May 2014 – the second time this year AFG has passed the $5 billion threshold.

“A surge in the number of borrowers looking to refinance their mortgages saw the total home loans processed last month by AFG rise to a record-breaking May,” said a statement from AFG.

The index found that the proportion of loans processed for investors softened, while refinancer loans increased, reflecting “shifts in the mortgage market”.

Advertisement
Advertisement

Commenting on the findings, AFG managing director Brett McKeon said the aggregator is benefiting from the current interest rate environment.

“Interest-rate cuts, like the one we had in April, not only encourage new borrowers – but also prompt existing borrowers to review their arrangements,” Mr McKeon said.

“After the April rate cut, it appears many borrowers came to the view that we are at, or very close to, the bottom of the interest rate cycle.

“The attractive owner-occupier offers available from lenders, along with the changes that are occurring in the investment market, make it a very busy time for brokers.”

[Related: Investors drive record result for AFG]

PROMOTED CONTENT


 

AFG breaks monthly loan record
money increase  x
TheAdviser logo
money increase  x

 

more from the adviser
merger puzzle Choice, FAST, PLAN join Loan Market Group

The three aggregators have officially joined Loan Market Group to...

meeting top view ta 62c1 CAFBA urges Senate to protect business lending

The broker association has called on the Senate to ensure that an...

passport BMM launches new overseas buyers loan

Non-bank lender Better Mortgage Management has launched a new loa...

FROM THE WEB