Tuesday, February 28th, 2012
First time buyers and mortgage holders refinancing have been the dominant sectors in the home finance market since the beginning of the year, a national survey has found.

The poll of its own brokers by leading mortgage broker Loan Market which asked ‘Which consumer group have you received the most enquiries from so far in 2012?’ found 41 per cent said first home buyers.

Loan Market corporate spokesman Paul Smith said 36 per cent of the 173 respondents nominated refinancers, 20 per cent said property investors while only three per cent said self-employed borrowers.

Mr Smith said much of the activity behind first home buyers has been a result of the period of subdued activity during 2011 where many first time buyers built up their savings.

“The enquiries from first home buyers this year are largely made up buyers with significant savings and thorough awareness of the lending landscape,” Mr Smith said.

Mr Smith said that although lenders have slightly increased their variable rates in the past month, most of the active first home buyers have a clear long term plan after carefully watching the market over the past year.

“We anticipate continued activity from first time buyers in 2012 with the prospect of lower interest rates and stability in Europe,” he said.

Mr Smith said two consecutive interest rate cuts in late 2011, preceded by almost a year of rate stability have provided much relief and security to borrowers and many of them are now seeking to refinance their existing mortgages.

“There are certainly some good deals and favourable conditions for certain borrowers who are looking to for a better home loan,” he said

“There can be as much as a percentage point difference between the variable home mortgage rates currently on offer and it’s always worth shopping around or negotiating a better rate with your current institution.”

Mr Smith said that a mortgage broker who is independent from the banks can offer products from a range of lenders that will best suit a client’s individual circumstances.

If you are interested in comparing your home loan to another or want to know what your repayments would be, click here to access the Loan Market mortgage calculator page.

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Loan Market

Founded in 1994, Loan Market is Australia’s fastest growing retail mortgage brokerage with access to over 800 loan products from a panel of 30 banks and secure lenders.

Our team of over 600 mortgage brokers operate across Australia and New Zealand to help you secure the most competitive home loan solutions for your first home, investment property and refinancing needs.

We believe that our clients are unique, that’s why a dedicated mortgage broker will meet with you at your home, or at one of our Loan Market retail shops, at a time that best suits you.

Last year we helped more than 29,000 Australians realise their dream of home ownership.
Paul Smith
P: 0421923019
W: loanmarket.com.au/


Home Loans, First Home Buyers, How Much Can I Borrow, Mortgage Broker


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