Home loan demand continues to fall

Demand for home loans fell for the sixth consecutive month in March, new figures show.

According to Australian Bureau of Statistics data, only 48,260 home loans were granted in the month – a 3.4 per cent decline from February.

The AAP observed that this was the smallest number of monthly mortgage approvals in nine years, suggesting that Australia’s rapidly rising interest rates have caused a particularly dramatic slump.

In addition it was found that the proportion of first-home buyers taking up a home loan fell to 16.1 per cent in March, the smallest amount since April 2008.

Rising rates and the roll back of the government’s first homeowners grant have made it imperative for Aussies to compare home loans in search of the most affordable options.

Meanwhile, the Advertiser reported this week that South Australian homeowners are to receive some relief by a land new tax relief package which is being introduced into the state parliament.

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