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Homeowners Taking Advantage of Low Interest Rates
Australia, July 21, 2009 – More homeowners are trying to take advantage of the record low housing interest rates. According to Aussie Home Loans, there is a spike in the number of borrowers looking to refinance their mortgage.
“There have been plenty of home owners who have been complacent about their mortgages but our figures show that more and more of them are taking advantage of record interest rate lows and are actively seeking out the best deal,” says Aussie Home executive chairman John Symond. Aussie Home Loans is one of Australia’s largest non-bank lending firms which has a loan book amounting to more than $30 billion.
Their current records show that there has been an increase in home loans to 38.5 percent in June from 30.2 percent in March. However, there is a drop in home loans taken out by first-time home buyers. It is down 21.3 percent in June from 32 percent in March.
“The steam has abated in the first home buyer market as many of them realise that the properties available are probably already at full price,” said Symonds. “They are reassessing the market.”
Source:
news.theage.com.au
