Mortgage Broker Sets October Record
Figures from the Australian Finance Group (AFG) indicate increased activity in the home loan market, with the company setting an October record for mortgages processed. Australia’s largest mortgage broker reported $3.1 billion of mortgages processed in October - its highest volume for any October on record.
AFG believes activity has been lifted by increased confidence in the market place. "We're not seeing a surge of confidence sweep across the country, but different categories of borrowers in different states are feeling more comfortable about taking on loans," AFG general manager of operations Mark Hewitt said.
About one in five new borrowers chose to fix their loans (20.8 percent), down from 21.5 per cent the previous month.
AFG said the solid October result for mortgages processed was the highest the group has registered in any one month since March 2009. The volume was also almost a quarter greater than that for October 2011.