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Staff Reporter
One of Australia’s largest aggregators has set a new record, with the company processing its highest volume of mortgages in three years.
According to AFG's October Mortgage Index, the aggregator processed $3.1 billion of mortgages – the highest amount since March 2009.
Traditionally, October volumes are lower than those for September, but last month bucked the trend, being 14.6 per cent higher than the month before. The volume was also almost a quarter greater than for October 2011.
“We’re not seeing a surge of confidence sweep across the country, but different categories of borrowers in different states are feeling more comfortable about taking on loans. New South Wales is by far the most popular state for investors, while WA is leading the way for first home buyers,” AFG’s general manager of sales and operations, Mark Hewitt, said.
In New South Wales, loans for investors comprised 43.1 per cent of all new loans, compared with 35.1 per cent in Queensland, 33.6 per cent in Victoria, 32.2 per cent in South Australia and 29.9 per cent in Western Australia.
In Western Australia, loans for first home buyers comprised 25.2 per cent of all new loans, compared with 18.3 per cent in Victoria, 15.0 per cent in Queensland, 12.8 per cent in South Australia and 5.7 per cent in New South Wales.
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