Approval for home loans decline to 10 year low

Wednesday 06 April 2011

Article by Mozo

Approvals for home loans in Australia sank to their lowest level in ten years in February.

Home loan approvals drop

Figures from the Australian Bureau of Statistics revealed that the number of people securing finance for a new property dropped to 45,393 – a decline of 5.6 per cent month-on-month.

The number is lower than trend estimates had forecast, as the expectation was that there would be 47,977.

With less people securing a mortgage for a new house, those who want to get on the property ladder might want to head online to compare home loans to establish what is on the market and which deals suit them.

A total of 4,571 new-builds were completed, with 1,745 new dwellings purchased.

Despite this, data published by RP Data Rismark earlier this month revealed that the cost of property remained relatively stable during the second month of the year, news that might encourage those considering buying accommodation.

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