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First home buyers strength conceals lending squeeze

Discussion in 'Loans & Mortgage Brokers' started by Simon Hampel, 8th Apr, 2009.

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First home buyers strength conceals lending squeeze | Lending Central | Your Mortgage News

Continued strength in first home buying delivered a record month of mortgage sales in March according to AFG, Australia’s largest mortgage broker.

The AFG Mortgage Index shows the company arranged a record $800 million of mortgages for first home buyers, comprising 28% of all new mortgages in March.

This pushed total sales for the company to $3.1 billion - it’s best month ever, 18% ahead of a boom February and 48% higher than for March 2008.

First home buyers were most active in New South Wales, where one third of all mortgages were arranged for them. First home buying was almost as active in Victoria (29% of all new home loans), with Queensland on 27%, WA on 25% and South Australia on 20. First home buyer participation has emerged from historically lows when mortgage rates peaked at 9.6% in August 2008.

Disturbingly, the rebound in Australia’s mortgage market could quickly turn to a hangover if government grants are withdrawn at the end of June.

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Simon Hampel, 8th Apr, 2009

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