AFG, Australia’s largest mortgage broker, processed more home loans last month than in any January before, according to new figures published today.
AFG’s Mortgage Index shows that, despite natural disasters in QLD and NSW, the company processed $2.2bn in home loans, 24% more than in January 2012.
AFG has 10% of the total mortgage market and trends in its Mortgage Index usually foreshadow ABS figures by roughly six weeks.
Driving demand were strong levels of activity in WA and NSW.
In WA, mortgage volumes were somewhat higher than in NSW ($583m compared to $569m) with a variety of buyer types including first home buyers, upgraders and investors.
AFG general manager of sales and operations Mark Hewitt said the result reflected a growing sense of optimism.
“Borrowers seem to be responding to the combination of a more positive, global economic outlook, lower rates and enhanced affordability,” he said.
Hewitt added that the figures build on other statistics published recently that show increasing activity in property markets.
Hewitt also speculated that the results could have been even higher if not for NSW’s withdrawal of first homebuyer grants for established properties last year.
“We shouldn’t lose sight of the fact that first home buyer activity in Queensland and NSW is only one third of the long-term AFG average of around 15% of all home loans processed,” he said.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out