New Year High for Home Loan Approvals
Housing finance data released by the Australian Bureau of Statistics (ABS) has revealed 2014 is off to its hottest start in 5 years and nearly every state is showing double digit growth.
Loan Market director Mark De Martino said that “We’re coming off a low-base but these numbers are still a clear indication that consumer appetite for home finance is growing. The fact is that a larger number of home owners and buyers are active in the market,” Mr De Martino said.
Mr De Martino praised the efforts of the Reserve Bank of Australia saying that the prolonged period of stability in the cash rate has helped customer confidence.
“The lowest interest rates of this generation are one of the factors helping the recovery of the home finance markets. With no immediate rate movements predicted by most analysts, we should expect the cash rate to remain where it is for several more months,” he said.
The ABS data also showed that since January 2009, Banks have continued their dominance of the lending landscape by approving 91 per cent of all loans since January 2009.
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