Home loan demand continues to be strong, with new data showing that the number of dwelling commitments approved rose 0.5% throughout the month of January.
According to the latest housing finance data from the Australian Bureau of Statistics, 55,153 home loans were written throughout the month of January – up from 54,876 loans written the month prior.
“January was the sixth consecutive month of growth for home loan approvals,” local Mortgage Choice franchise owner Michelle Ivanov said.
“The latest data suggests that current low-interest rates are continuing to fuel buyer demand for property.”
In addition to a rise in home loan demand, there was an increase in the value of home loans written.
“In total, nearly $34 billion of home loans were approved throughout January – up 1.5% on the month before,” Michelle said.
“This can be largely attributed to the increase in value of investment loans approved.
“During the month of January, more than $13.7 billion in investment loans were approved – up 4.2% from December.
“On the other hand, the value of owner-occupied housing loans fell 0.2% to $20.1 billion.”
Looking ahead, Michelle said he expected home loan demand to continue to rise over the next couple of months.
“We are now in autumn, and traditionally people will want to buy a home and settle before the winter period,” she said.
“On top of that, interest rates remain at historically low levels, which is helping to keep heat in the property market. Whilst ever interest rates remain low and the cost of borrowing continues to hover around these incredibly affordable levels, people will continue to buy and invest in property.”
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About Mortgage Choice
Mortgage Choice is an ASX listed company that seeks to help Australians with all of their financial needs.
Established in 1992, Mortgage Choice was originally established to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional.
Since that time, the company has grown and developed into a fully fledged financial services provider.
Today, Mortgage Choice helps customers source car loans, personal loans, credit cards, commercial loans, asset finance, deposit bonds, and risk and general insurance.
Further, the company offers Australians access to real, relevant and affordable financial advice through our qualified financial advisers.
Mortgage Choice has no balance sheet or funding risk, and consistently delivers strong profits and attractive yields. It listed on the ASX in 2004 (MOC) and is a member of the Mortgage & Finance Association of Australia (MFAA).
Mortgage Choice holds an Australian Credit Licence: no. 382869 and Mortgage Choice Financial Planning Pty Limited holds an Australian Financial Services Licence: no. 422854. Both licences are issued by ASIC.
Visit www.mortgagechoice.com.au or call customer service on 13 77 62.