Home loan approvals soar

Wednesday 11 February 2009

Article by Mozo

The number of Australians approved for low-interest home loans soared in December, according to official figures.

Seasonally adjusted data from the Australian Bureau of Statistics (ABS) show a whopping 6.4 per cent increase in the number of people approved for new home loans, with 52,974 people bagging themselves a home loan over the course of the month.

Meanwhile, there was also a sharp rise in the number of new residential projects bankrolled during the period.

More than 4,200 new homes were approved over the course of the month, perhaps indicating that Aussies have been looking to take advantage of the new first-home buyers grant.

Home loan approval figures for January may well be equally impressive as the Reserve Bank took another 100 basis points off the interest rate before breaking up for Christmas, resulting in a raft of new low-interest home loans coming on to the market.

The Reserve Bank has since slashed rates again, bringing the base rate to 3.25 per cent.ADNFCR-1761-ID-19020998-ADNFCR

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