Data released by the Australian Bureau of Statistics show that new home loans went up in April. The number of new mortgages increased by 0.8%, or 48,475 in April compared to 47,566 for the month of March. While the statistic reflects the fourth consecutive increase of the year, it is less than half the 5% growth rate recorded in March. And even though the number of home loans went up, their value decreased slightly, by 0.2%, to reach a value of $22.7 billion.
Of course, all eyes have turned to the construction sector, which is in desperate need of a revival and soon. The more homes that are sold, the more the demand for the construction of new homes will go up, or at least that’s the theory, but a lot of progress still has to be made before the housing market can return to its former glory.
Home loans through the Lendumo login fared best in South Australia where they increased by 7.6% but Victoria experienced a decline of 4.4%. The number of new loans taken out in the ACT and Northern Territory also dropped for the month.
New information has also shown that there is a major difference between the country’s cheapest and most expensive home loans, and it can add up to as much as $1,000 per year. The research highlights the importance of taking the time to compare home loans before you make a commitment, and getting a higher-level view of the different options that are available to you at providers like Bankwest Home Loans.
What is interesting to note is that home-owners using foreign banks for their mortgages are paying the most on average, while those using local financial institutions are paying the least.
According to the findings of a study, which has been published in a financial journal, one of the country’s local banks has been charging customers of its variable home loan products 0.42 percentage points higher than what is available through the next best offer. For a mortgage valued at $300,000, this works out to $973 in annual interest.
What is equally interesting is the progress that some of the smaller banks have made in recent times, and many consumers have indicated that by switching to a different bank, they have been able to experience better service and better rates, in many cases
The home loan market certainly has become highly competitive of late and home owners can no longer afford to sit back and assume that keeping their home loan with the same bank is best for them, because that is what they have always done. By shopping around and comparing deals you will be probably be surprised to find that there are a number of deals you could take advantage of.
The middle of June yielded some concern over matters of financial security as the local currency dropped to its lowest level since 2010. And, while the increase in mortgages was encouraging it was still the smallest margin of improvement seen since January and well below the anticipated 2% increase offered by a panel of economists.
Of course, if the tides should turn against us, it would be advisable to be in a position where your home loan was more affordable. A saving of $973 a year could make a big difference to your credit card, car or home loan repayments in the long term so consumers really can’t afford not to have a look at what is on offer in the marketplace at present. For those who have been considering taking the plunge, the current financial products on offer provide the ideal environment to settle down in one of the world’s finest cities.
Going about as a supplier of advances is one of the fundamental exercises of monetary establishments, for example, banks and charge card organizations. For different establishments, giving of obligation agreements, for example, securities is a common wellspring of subsidizing.
