Powered by MOMENTUM MEDIA
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.

May mortgage sales reveal plummeting borrower confidence

Staff Reporter 1 minute read

Mortgage sale figures released by the Australian Finance Group (AFG) yesterday revealed a dramatic fall in consumer confidence and willingness to borrow.

During May mortgage sales fell to 6,691 – the lowest amount recorded since AFG’s Mortgage Index began.

The result was 6.1 per cent down on April and a significant 31.5 per cent lower than in May last year.

AFG said this was particularly unusual as May usually represented a high point in annual sales, before sales reduced over the winter months.

The index also revealed a swing in the number of consumers taking out introductory rates – rising from just 5.8 per cent in the beginning of the year to 12.8 per cent in May.

Advertisement
Advertisement

Mark Hewitt, AFG general manager of sales and operations, said the figures showed just how fearful consumers were about the rising costs of food, fuel and mortgage repayments.

“Consumer confidence has taken an absolute pounding,” he said.

“The difference in mood between now and six months ago is like night and day.”

Published: 05-06-08

May mortgage sales reveal plummeting borrower confidence
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
mortgage choice 850 Major brokerage appoints new GM of distribution

Mortgage Choice has announced that Citi’s former head of bankin...

ANZ new still ta ANZ extends business loan terms

The major bank has announced that it will extend the maximum loan...

cash money rolls Credit growth stunted by dive in business lending

Credit growth has waned as a result of a sharp drop-off in busine...

FROM THE WEB