August boost for mortgage sales

Mortgage sales experienced a surge to their highest volume in over eighteen months according to AFG's (Australian Finance Group) latest figures.

Surpassing total mortgage sales volumes last seen in March 2010, AFG processed over $2.7bn in mortgages in August. AFG said that the figures trend well above seasonal expectations, despite August being a traditionally strong month.

Consumers also took the chance to fix their home loan interest rates, with AFG figures indicating a sharp increase in fixing, which jumped to 9.4% of all loans processed compared to 7.9% in July.

AFG general manager of sales and operations, Mark Hewitt, said that borrower expectations about interest rates shifted significantly during August.

"We’re seeing a lot of refinancing as borrowers take advantage of discounted products," he said. "But we’d like to see lenders create more flexible and competitive products for the new home building sector." he said.

If you would like to discuss the opportunity to fix your interest rates, or to see if there are any better products on the market, please give us a call today for a fee-free and obligation-free assessment of your home loan. Call 1300 HOME OZ or Jason Brown on 0438 400 656.

information sourced from brokernews.com.au