Newspaper article The Daily Mercury (Mackay, Australia)

Seasonal Factors Play a Role in Reduced Home Loan Demand

Newspaper article The Daily Mercury (Mackay, Australia)

Seasonal Factors Play a Role in Reduced Home Loan Demand

Article excerpt

HOME loan demand has fallen for the fourth consecutive month, according to new data from the Australian Bureau of Statistics.

The latest Housing Finance data found that 53,017 home loans were approved throughout March, down 2.2 per cent from the previous month.

"March was the fourth consecutive month that we saw a drop in the number of home loans approved," Mortgage Choice chief executive officer Susan Mitchell said.

"Not only did the number of home loans approved take a tumble, but there was a decline in the value of all dwelling commitments.

"The data shows that $31.9 billion worth of dwelling commitments were made over March, a decline of 4.4 per cent from February.

"The value of investment loans saw quite a significant drop, falling 9 per cent to $10.9 billion in February. Similarly, the value of owner-occupied housing loans fell 1.9 per cent to $21 billion.

"The decline in home loan approvals and the value of dwelling commitments isn't a surprise as this correlates with what we've been seeing in the housing market at the moment. …

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