Demand for home loans increases in Q1

A lot of Aussies – particularly those from younger generations – have found it a real struggle to get on to the property ladder in recent years.

The demand for home loans has generally remained low across the country since the global economic recession took hold in 2008-09, but there have been small signs of improvement in 2012.

A new study conducted by credit agency Veda has found that the number of mortgage enquiries increased by 0.2 per cent in the first quarter of the year, when compared with the previous three months.

This also represented a 1.5 per cent increase on the corresponding quarter in 2011.

The bulk of the extra demand for properties was seen in the Northern Territory, Western Australia and Queensland.

Unfortunately, the clamour for home loans fell sharply (by 7.6 per cent) in New South Wales during the three-month period, although this was the only part of Australia to report a decline.

Have a question about home loans? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801347865-ADNFCR