Newspaper article News Mail Bundaberg Qld.

Home Loans Outgrow Inflation

Newspaper article News Mail Bundaberg Qld.

Home Loans Outgrow Inflation

Article excerpt

RECENTLY released home finance data from the Australian Bureau of Statistics has shown the number of home loans taken out in the 2013 Financial Year grew four per cent from the previous financial year.

Loan Market director Mark De Martino said the 51,001 finance commitments in June 2013 was particularly positive because it was 12 per cent higher than June 2012 and was the highest total for more than three years.

Mr De Martino said the financial year-on-year result, which outgrew the average inflation rate, was indicative of the lower interest rate environment during the period and an important rebound from the sluggish economic numbers of past years.

"The 2013 home finance market has been dominated by those refinancing their properties, investing in property or upgrading their homes. And we've seen lenders moving quite competitively to service these types of customers," Mr De Martino said.

Mr De Martino said the mining and resource states were the standout performers of the last financial year with Western Australia showing 13% growth and Queensland growing six per cent. …

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