Approvals for home loans increase in Queensland

Queensland residents who want to compare home loans online might be encouraged to hear that approvals in the region rose during February.

According to figures published by Loan Market, there was a 44 per cent improvement last month, after a 40 per cent decline in January.

Dean Rushton, chief operating officer of the organisation, attributed the rise in part to the decision by the Reserve Bank of Australia to leave the cash rate unchanged.

"If rates can stay on hold for the foreseeable future, that will help restore a sense of stability and boost economic confidence," he added.

Across the whole of the country, the firm said approvals improved by 20 per cent month-on-month.

This comes after chief economist at Macro Plan Australia Brian Haratsis told the Herald Sun that there might be two rate rises this year and that Aussies could end up paying as much as eight per cent on home loans by the end of 2011.

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