Record-low interest rates drive a surge in home loan activity

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There has been a massive increase in home loan borrowing over the past year, according to the latest data from the Australian Bureau of Statistics.

Australians took out $22.5 billion of mortgages in September – a 25.5% jump on the year before. That included increases of:

  • 33.8% for owner-occupiers
  • 4.2% for investors

There was also a massive increase in first home buyer activity among owner-occupiers.

First home buyers took out 13,569 loans in September. That was not only up 45.5% on the year before, but was also the highest figure in 11 years.

The surge in borrowing comes as no surprise – interest rates are at record-low levels. And with governments around Australia providing assistance for first home buyers, it’s no surprise to see so many younger buyers entering the market.

Want to get into the market? Our mortgage brokers can help.

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