Mortgage Broker Says Australian Home Loan Approvals Tumble In January
New figures from a leading mortgage broker suggests that Australian’s are feeling the effects of three consecutive interest rate increases and the paring back of federal government grants, with demand for home loans declining sharply during the month of January. Mortgage broker Loan Market Group says it has seen approvals for mortgages drop by as much as 40 per cent, from its peak set in 2009, and that January was the quietest month it had seen since January 2006. “The three successive rate rises in the final three months of 2009 definitely had an impact on home buyers and we didn’t see the need for the RBA to put rates up this month. There is no doubt that the removal of government stimulus is having an impact on the market.” chief operating officer Dean Rushton said in statement
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Mortgage Broker Says Australian Home Loan Approvals Tumble In January
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