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New aggregator statistics have confirmed the continuing growth in investor finance and fixed-rate loans.
AFG revealed that it sold a record 9,839 mortgages in September, an increase of 13.6 per cent on the previous year.
The value of mortgages sold jumped 20.4 per cent to a record $4.4 billion.
AFG’s average mortgage rose 6.0 per cent to $444,000, while the average LVR fell from 68.5 per cent to 66.9 per cent.
Investors represented a record-high 40.3 per cent of mortgages in September, compared to 38.1 per cent the year before.
The first home buyer share fell from 11.3 per cent to a record-low 8.4 per cent.
AFG claims to process about 10 per cent of Australia’s mortgages.
Meanwhile, Mortgage Choice statistics for September revealed an increase in popularity for fixed-rate loans following a spate of rate cuts in July and August.
Spokesperson Jessica Darnbrough reported that 25.5 per cent of Mortgage Choice volumes were for fixed-rate loans – up from 24.2 per cent in August.
“It usually takes a month or two for us to see any increase in demand for a particular product flow through the data, but we are definitely starting to see that now,” she said.
[Related: AFG statistics for August]
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