Regal Real Estate

Archive for the ‘home loan’ Category

The most up-to-date interest hike of November from the Reserve Bank began hitting households as became obvious in February according to mortgage loan approval numbers. The amount in February fell at unexpectedly high rates – a 5.6% decrease based on the Australian Bureau of Statistics. The amount of mortgage approvals hasn’t been this lacking in 30 days since February of 2001. Previously, economists had predicted that mortgage approvals would fall about 1.5%.

With households facing the Reserve Bank’s higher interest rates, less would like to purchase homes. Those that do wish to purchase are searching in vain for “no deposit” mortgage products, which simply don’t exist anymore, based on mortgage broker Loan Market. Internet searches containing “no deposit loans” increased 28% since start 2011. Experian Hitwise, an international online competitive intelligence service, examined similar web traffic and reports a 57% boost in no deposit loan searches. First-time homebuyers need to borrow the complete tariff of the property to buy a whole new home, however these loans were the first to go once the global financial crisis hit.

Senior economist, Andrew Hanlan of Westpac indicates the bottom figures for home loan approvals suggest that Queensland hasn’t recovered in the recent flooding and severe weather. The flood has disrupted and impacted the housing market – but he also feels a persons vision rate hikes from November caused a delayed reaction. He’s expecting to see financial recovery as well as an improved real estate market in Queensland within the next month or two.