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Low interest rates and the increased first home buyers grant has led to an increase in the number of Australians taking out mortgages, a new consumer credit survey has found.
A Veda Advantage survey on consumer credit found that there was a 28 per cent rise in applications for home loans in the year to 30 June.
Veda Advantage general manager Russell Evans said Australians’ appetite for mortgage finance has peaked in recent months.
"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.
“ ...
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Categories: Home Loans and Mortgages. Tags: First Home Buyers Grant, Interest Rates.
While interest rates are expected to remain on hold when the Reserve Bank (RBA) meets next week, economists are divided on when the central bank will start winding back the rate cuts made over the last year.
All 18 economists surveyed by AAP this week believe the RBA will keep the cash rate at a 49-year low of 3 per cent at their board meeting next Tuesday.
There were however, differences in opinion as to when and how quickly interest rates would start to move up.
Nomura Australia chief economist Stephen Roberts expects the first rate hike to come in May 2010.
Mr Roberts ...
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Categories: Home Loans and Mortgages, Interest Rates. Tags: First Home Buyers Grant, Interest Rates.
First home buyer loan sizes have jumped by $52,000 - or 23 per cent - in the past two years, raising concerns that first time buyers will face problems servicing their loans in the future, The Australian reports today.
A report commissioned by Brandmanagement, a market research firm specializing in the finance sector has drawn on ABS figures to reveal that the average size of loans rose by $11,400 in the three months to February, after rising by $18,100 in the three months to November.
The figures mean that in total, the average first home buyer loan size jumped by ...
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Categories: Home Loans and Mortgages. Tags: First Home Buyer, First Home Buyer Loan, First Home Buyers Grant, First Time Borrowers.
