Japanese firms could give Aussies more choice on home loans

Monday 23 January 2012

Article by Mozo

Aussies who are looking to compare home loans could have more options at their disposal if Japanese lenders enter the market.

The Daily Telegraph has reported that firms in the Asian country are keen to undercut Australian companies and Treasurer Wayne Swan has not ruled out the possibility.

In a statement, he suggested that any lender that meets strict standards is welcome to make the Aussie home loan market more competitive.

It is thought that Japanese businesses are poised to snatch away $100 billion of the Aussie mortgage market in the near future.

Mr Swan said that house hunters now have more power and lenders can no longer take them for granted.

"I welcome the entry of new lenders who meet our strict regulatory criteria and want to get in the ring and fight for customers by offering good deals," he remarked.

Last week, the Herald Sun reported that RP Data indicated that one in 20 Aussies are living in a property that is worth less than it was when they originally purchased it.

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