The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
FinanceStaff WriterMon 06 Jul 15

Mortgage Broker AFG Announces Record Volume

l

Australia’s largest mortgage broker AFG has announced a record-breaking volume of $5.1 billion in mortgages processed for the month of June – up 34.5% on June 2014, and 1.7% on last month.

This is also AFG’s second-highest month ever after achieving volume of $5.2 billion in March this year.

While overall mortgage figures continue to be buoyant, the June figures showed a significant cooling for investment loans – down to 36.9% nationally from a peak of 43.1% in April.

The last time overall investment loans were at similar levels was July 2013, when they comprised 35.9% of all mortgages processed.

Investment loans moderated most of all in NSW from 49.8% in May to 41.6% in June.

Investment loans had been running at an average of 49.5% of all loans in NSW for the previous 12 months.

Elsewhere in Australia, the same moderating trend was repeated, with investment loans declining in SA from 41.8% to 36.8%, in Queensland from 36.1% to 34.1%, in Victoria from 36.5% to 35.7% and in Western Australia from 31.8% to 31.2%.

Brett McKeon, AFG Managing Director said: “These figures suggest that APRA controls are starting to take effect, but not at the expense of the overall mortgage market.""If this trend continues, it should help allay concerns about overheating in Sydney, in particular, as investment levels there come back into line with the sustainable, long term, national average,” Mr McKeon said.

AFG’s Mortgage Index also shows that non-major lenders are making further headway as they compete for greater market share.

Last month saw 30.9% of all mortgages processed for non-major lenders – the highest such figure since 32.5% recorded in December 2014.

They are strongest in winning refinance loans (34.8% of all new loans) and weakest at competing for investors, where the major lenders still dominate with 75.5% of all new home loans.

Of new borrowers, 14.2% opted for a fixed rate mortgage last month, compared to 15.2% in May, with 76% of borrowers choosing a standard or basic variable home loan.

ResidentialAustraliaFinanceSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
View All >
Sponsored

Mirvac and DisplaySweet: Decade of Innovation in Property Sales Tech

Partner Content
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
Parramatta Road Rezoning HERO
Policy

Parramatta Road Rezoning Opens Way for 8000 Homes

Vanessa Croll
Sydney’s "ugliest road", long dogged by failed plans, could be revived under a rezoning deal but doubts remain over deli…
LATEST
Development

Mirvac and DisplaySweet: Decade of Innovation in Property Sales Tech

Partner Content
3 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Parramatta Road Rezoning HERO
Policy

Parramatta Road Rezoning Opens Way for 8000 Homes

Vanessa Croll
4 Min
Gatton $150m Over-50s Solara Estate hero
Land Lease Communities

Undersupply Drives Regional Qld Over-50s Land Lease Plans

Phil Bartsch
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/afg-24910