11Nov

Record-breaking mortgage month for biggest broker

extract from API

Liquidity Finance’s  aggregator, Australian Finance Group (AFG), processed $3.1 billion worth of mortgages in October, the highest month recorded since early 2009, representing a 14.6 per cent month-on-month increase.

By State – New South Wales, investors are leading the charge and accounted for 43.1 per cent of all new loans in October.
Queensland saw the second highest proportion of investor finance (35.1 per cent) followed by Victoria (33.6 per cent) and Western Australia (29.9 per cent, of which most were First-time buyers).
    

Loan-to-value ratios (LVRs) rose to 70.5 per cent in October, the highest level since September 2009. Higher LVRs typically signal increased activity among first-time buyers.

Refinancing accounted for 34.8 per cent of mortgages processed, but that figure is at its lowest level since September 2009, he says. One in five new borrowers also chose to fix their loans.

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