January 12, 2011
Australia's largest independently-owned mortgage broker, Mortgage Choice, is pleased to find positive housing finance data has just been released for November 2010.
It is the third month to show an increase in the total value of dwelling commitments*.
Today's ABS Housing Finance report 5609.0 found commitments rose over the first month of summer for all major categories except investment housing - fixed loans.
The total value of dwelling commitments rose by 1.2%, pushed along by a 2.9% rise in the value of owner occupied housing loans. The value of commitments for investment housing - fixed loans dropped by 2.3%.
First homebuyer finance was also on the increase, reaching 15.6% of owner occupied housing finance commitments for November 2010 after a fall to 15.4% in October.
8,435 dwellings were purchased with housing finance by this borrower group, which was an eight month high.
Mortgage Choice spokesperson Kristy Sheppard said, "It is terrific to see the value of Australia's housing finance commitments rise for a third consecutive month, as it is to find the number of first homebuyer dwellings financed rose by 14.7% to 8,435."
"However, we must keep in mind that variable home loan interest rates increased over November and it often takes a few weeks for a home loan application to reach the unconditional loan approval stage. December's housing finance data will provide a better picture of where new property buyers stand.
"Still, with housing price growth having slowed alongside our continued strong population growth and healthy employment situation, there are plenty of opportunities out there for buyers who do their research, are confident of their finances and can withstand possible future interest rates rises."
*All figures quoted are seasonally adjusted.
For further information or to arrange an interview, please contact:
Mortgage Choice C
(02) 8907 0472 or 0407 416 124