Are more people comparing home loans?

Wednesday 04 November 2009

Article by Mozo

It appears more people could well have been comparing home loans recently, if the following report is anything to go by.

The Australian Associated Press cited a Loan Market Group survey that found 44 per cent of property owners have increased their home loans.

It is thought they have been encouraged to do so due to the low interest rates – which are at their lowest level in almost 50 years.

The research also discovered that over 75 per cent of homeowners have recently added to their mortgages or taken on further forms of debt.

Dean Rushton, Loan Market Group’s chief operating officer, noted that borrowing more money might not be the best option for people to take.

"Hundreds of thousands of Australians are in greater debt than they were a year ago so any increase in interest rates will hurt," he was quoted by the news provider as saying.

Meanwhile, home loan rates could be set to increase as the country’s four largest financial institutes have declared they will match the new 25 basis point growth.

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