HouseMortgage Sizes PlungeMay 24, 2016 - Author: Bradley - Comments are closed
The average national homemortgage size decreased by 7.71 per cent (or $29,100) in the past 3 months to February, which finder.com.au stated was the biggest three-month drop considering that the May-July period in 2000, when the nationwide average fell by 7.74 per cent.
“It is likewise the very first time the average loan size has actually visited more than 1 per cent in three successive months,” the contrast site added.New South Wales
suffered the sharpest decline in average loan size throughout February at 5.75 percent. Furthermore, the typical loan size in NSW stopped by 10.15 per cent (or$ 45,500 )in the last quarter, the greatest decrease on record.On this three-month timescale, homehome mortgage sizes were likewise down in other states. “Victoria and Queensland are down around 6 percent, while
South Australia, Western Australia and Tasmania are down 2 to 3 percent, “finder.com.au said.South Australia was the only state to experience an increase in homemortgage sizes
throughout February, with an increase of 0.62 per cent.Finder.com.au spokesperson Bessie Hassan thinks the impact of APRA’s financier lending crackdown is finally being felt.”Banks are scrutinising new loan applications more carefully, taking a harder line when evaluating customers’earnings,”she stated.
[ Related: Home mortgage refinancing strikes record high]