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.

Upgrader enquiries surge

Staff Reporter 4 minute read

By: Staff Reporter

Mortgage holders with plenty of equity in their properties are still looking to upgrade to a more expensive home despite rising interest rates.

Loan Market Group’s chief operating officer Dean Rushton said the brokerage had received a 38 per cent increase in the level of enquiries from owner occupiers wanting to upgrade their property.

“Around 60 per cent of our customers are considering selling to then upgrade to a bigger property,” Mr Rushton said.

Advertisement
Advertisement

“They mostly have a high level of equity in their existing home – sometimes as much as 75 per cent – and are wishing to upgrade into the next price bracket.”

Despite the RBA’s decision to lift the cash rate for the fifth time in six meetings earlier this month, Mr Rushton said rates were still below traditional average levels and the previous four increases had not had an overly adverse impact on the residential property market.

“The reality is that rates are still reasonable in a historical sense and mortgage holders understand that the RBA only reduced them significantly last year in response to the global financial crisis,” he said.

“The conditions for homebuyers at the moment are still very favourable.”

Upgrader enquiries surge
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
uptick graph Non-majors and non-banks continue to dominate: Broker Pulse

A greater proportion of brokers are sending their clients to non-...

construction equipment ta Demand for excavators up 191% YOY: CBA

The major bank’s data has revealed a jump in asset finance grow...

mortgage money house Hot Property: The biggest property headlines from the week 7-11 June

The weekly round-up of the biggest news stories from across Momen...