Home loan approvals rise in NSW and Victoria

Wednesday 03 August 2011

Article by Mozo

The number of home loan approvals recorded in June rose month-on-month in both New South Wales and Victoria, new data from Westpac has revealed.

Home loan approvals rise in NSW and Victoria

Queensland was identified as an area with a particularly marked slump in approvals as they were down 18.6 per cent, but there were more promising signs in Victoria and New South Wales.

These two regions recorded approval increases of 3.2 per cent and 6.9 per cent respectively.

Compared with figures from May, there was an overall drop of 3.5 per cent across the country, which may mean that Aussies considering purchasing a house need to compare home loans carefully to ensure they apply for the one best-suited to their needs.

Matthew Hassan, senior economist at Westpac, commented: "The June data is significantly weaker than expected – consensus was looking for a three per cent partial rebound from May, we were looking for something similar."

Last month, Angie Zigomanis of BIS Shrapnel told the Sydney Morning Herald that prospective home loans customers should look at a variety of homes in different areas.

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