The article below appeared in the Brisbane Times, Sydney Morning Herald, The Melbourne Age , Herald Sun, Daily Telegraph and the Australian.
The data is extracted from the Australian Mortgage Index which was released yesterday.
Investor demand for housing loans strong
March 9, 2010
AAP
Investors have returned from summer holidays to grab their largest share of housing loans since at least 1994, according to a survey by a mortgage broker.
Australian Finance Group (AFG), which claims over 10 per cent of the mortgage market, said on Tuesday that 34.1 per cent of all mortgages it arranged nationally in February were for property investors.
That was the highest proportion for investors recorded in the 16-year history of AFG’s survey of its brokers’ activity.
“Investors are now the driving force of the market, encouraged by rising property prices in recent months, and the longer term view that a housing shortfall will continue to underpin future price growth as well as rental yields,” AFG’s general manager of sales and operations Mark Hewitt said in a statement accompanying the data.
The figures showed the total value of loans recorded by AFG remained below year-ago levels, with $2.275 billion of new mortgages in February 2010 compared with $2.674 billion a year before, a fall of 15 per cent.
The number of loans dropped 18 per cent over the same 12 months, to 6,294 from 7,673.
The proportion of loans going to first home buyers in February was 11.3 per cent, the lowest since July 2008, after peaking in march 2009 at 28.1 per cent of the total.
Kobus&WillemienJustin assisted us in buying our first house, in Australia, 10years ago. He just did it again with our second house. Same old story again… Always helpful, always available, always friendly. We didn’t had any stress, he just sorted it and came up with the best results to suit us. What a pleasure to work with. Thanks Justin, you just made it so easy.
Brendan ConquestWe have been working with Justin for almost 10 years and he has always made the process easy and time efficient. Justin’s help to get things over the line is stress free and uncomplicated, he always handles everything with such care and compassion.
We are extremely grateful for Justin’s services and would highly recommend him and the MAP home Loans team to anyone in need of help, advice or guidance with their home loans.
Thank you, Justin!
Timothy RussMy Wife and I worked with Justin to purchase our first home and we couldn’t be happier with the help we received to make our dream a reality. Justin had answer’s to every question and made it very easy to understand how it all works. I highly recommend using Map home loans to take the stress out of buying a house.
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