Home loan uptake grows in November, new figures show

The number of Aussies taking out home loans in November 2011 grew by 1.4 per cent when compared to the previous month.

New figures released by the Australian Bureau of Statistics showed that 46,953 mortgages were agreed throughout the course of the month and economists said the outlook for 2012 is positive.

Senior currency strategist at Sydney Westpac Sean Callow told the Australian Associated Press that although the numbers were up, it is hard to say at this stage if cuts to interest rates made in November and December have had a major impact on the sector.

"If you were thinking about taking out a new loan on the rate cut you wouldn't do so until the rate actually fell," he was reported as saying.

New South Wales turned out to be the best performing region, as home loan uptake increased by 4.2 per cent during the period.

Senior economist at Macquarie Brian Redican recently told the same news provider that more Aussies will secure mortgages in 2012 thanks to the sizeable interest rate cuts made by the Reserve Bank of Australia last year.

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