Home buyers looking to borrow more

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Prospective home buyers are borrowing more today compared to 12 months ago, according to independent mortgage comparison website www.yourmortgage.com.au.

The June 2011 Your Mortgage Index shows the average loan value specified in home loan enquiries to the website has increased by almost $15,000 compared to the same time last year.

Data from the website, which receives 150,000 visits per month, also showed a 9% increase in the proportion of enquiries for fixed loans compared to June 2010, indicating home buyers are looking to lock in the current interest rates ahead of a predicted rise in the next few months.

Editor of Your Investment Property magazine, Nila Sweeney, said the  results were a reflection of higher prices and low supply in many areas attracting prospective buyers.

“Lack of affordable supply in and around cities means that people are being forced to consider bigger loans to live in desirable areas,” Sweeney said.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

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