Ensure you never miss an issue of the
real estate business bulletin
Home loans grow 8pc

Home loans grow 8pc

by Reporter 0 comments

The average home loan in Australia increased by 8 per cent during 2009, data from Loan Market Group has found.

According to the mortgage broker’s national manager for operations and risk Ivan Karamatic, the average loan size grew from $281,818 in December 2008, to $304,266 in December, 2009.

Mr Karamatic said the increase in the average level of housing debt was in line with the rise in property prices over the past 12 months.

“The median price for property in Australia rose by 11.3 per cent last year which confirms the underlying reason for the increase in the average loan size,” he said.

“A lot of experts were predicting a year ago that the property market would take a big hit during 2009 with house prices falling dramatically due to the global financial crisis.

“But government economic stimulus measures such as boosting the First Home Owners Grant helped buffer residential real estate markets.”

Even though the First Home Buyers Grant has now returned to its normal level, Mr Karamatic said he expects the average loan size to continue to grow throughout 2010.

“Finance is harder to obtain with the major banks tightening their lending regimes, but demand is still likely to be strong,” he said.

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Home loans grow 8pc
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?