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Online mortgage provider RateCity has registered a 68 per cent jump in loan applications in August 2009.
According to RateCity chief executive officer Damian Smith the result highlighted a growing shift to how borrowers shopped for financial products.
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“Never before have we seen such a significant rise in applications for home loans at RateCity, which shows how quickly the market is changing for how we shop for financial products.”he said.
September applications were also strong, Mr Smith said.
Compared to September 2008, the number of home loan applications in New South Wales grew 32 percent in September 2009.
There were 28 per cent more home loan applications in Victoria, 15 per cent more in Queensland, 26 per cent more in Western Australia and South Australia saw a 22 per cent rise.
The Northern Territory saw the biggest growth of 66 per cent, while the Australian Capital Territory experienced a 30 per cent rise.
“As the housing market races into recovery and interest rates are likely to rise further in 2010, we expect to see continued growth of home loan applications at RateCity as Australians seek better value deals,” Mr Smith said.
