Wednesday, 21 August 2013

#Record #Mortgage #Applications

NSW experienced record growth for new mortgage applications, from buyers looking to enter the NSW Property market. 

Century21 Home Loans NSW mortgage applications grew by more than double last years levels coming in at 151% YoY (July 2013 Vs July 2012). 

An increase in Century21 Agents utilising Century21 award winning mortgage broking services was a key driver of the growth, combined with increased Century21 buyer activity. 

AFG (Australia's largest mortgage aggregator) processed over $3.4 billion of mortgages last month. NSW was up 46% YoY Vs National growth of 25%YoY. July is traditionally a quieter month for mortgages than August, and last month's strong figure reflects reports of active property markets over the winter. 

However, there is no sign of overheating in the mortgage data. The average new home loan in NSW last month was $487k and Loan to Value Ratios (LVR) - the value of loans expressed as a percentage of the value of properties - remain steady for NSW at 66% below the national average of 68%.

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