By: Staff Reporter
Dismally weak housing finance figures have reinforced the need for brokers to build a diversified product offering to remain sustainable during periods of low borrowing activity.
According to data released by the Australian Bureau of Statistics (ABS) yesterday both the number and value of housing finance commitments fell in the month of June.
The number of owner occupied loans dropped 3.9 per cent while the number of loans for the construction of new dwellings dropped 5 per cent.
The number of loans for the purchase of new dwellings also dropped 4.5 per cent and the number of loans for the purchase of established dwellings was down by 3.7 per cent.
Mortgage Choice chief executive Michael Russell said the data highlighted the importance for brokers in incorporating a strong diversified offering into their business.
“The number of eligible borrowers wanting to enter the property market has dropped. That is a simple fact,” he said.
“What we need to do as brokers is to service our customers through providing complementary products such as mortgage protection and personal lending, while keeping home loans as our core proposition.”
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