April new home loan approvals rise 4.8 per cent

Aussies who are thinking of going online to compare home loans may be encouraged by recent figures published by the Australian Bureau of Statistics indicating an increase the number of mortgage approvals.

According to new data for April, there was a rise in home loans for the first time in three consecutive months.

The 4.8 per cent increase was two percentage points higher than economists had forecast and was the largest rise for more than two years, reports the Sydney Morning Herald.

Adam Carr, an economist with ICAP, commented: "Today is a good sign that momentum will rebuild going forward.

"My expectation is that we will return to the trend of the second half of 2010 as the momentum picks up."

This comes after Rams Home Loans' Nigel Lopez-McBean told news.com.au that Aussies that can show they are responsible with their cash are more likely to get a mortgage.

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