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Mortgage demand in Australia remains high

Mortgage demand remains high in the country as homebuyers seek to get on the ladder.
Mortgage demand in Australia remains high, with the news coming just a week after the Australian central bank sought to protect house purchase lending by keeping interest rates low.

According to the latest Veda Quarterly Consumer Demand Index, demand for mortgages in the nation climbed substantially in the last year, with the March figure 10.8 per cent ahead of those from 12 months ago. 

The largest state for growth was New South Wales, where there were some 19 per cent more applications than a year ago.

This was followed by Tasmania with 13.9 per cent and Queensland with 10.5 per cent. 

Veda’s general manager of consumer risk, Angus Luffman, said that while demand has grown, it has started to flatten out in the past few months, indicative of a maturing property market. 

This is indicated in the fact that the 10.8 per cent annual growth is actually significantly lower than the 14.8 per cent yearly rise that had been recorded at the end of 2013. 

Posted by Ravin Chatlani 

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