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Online mortgage activity doubles

By Staff Reporter

The number of Australians shopping for home loans online has almost doubled this month compared to August last year, according to comparison website finder.com.au.

An analysis showed that there were over 3.2 million home loan searches on Google in August, compared to 1.8 million in August 2012.

The number of Australians shopping for a home loan online has increased by eight per cent on average month on month.

Finder.com.au spokesperson Michelle Hutchison said the trend could mean the end of Australia’s property market slump.

"Lower interest rates are making an impact on consumer sentiment, right in time for mortgage season, which begins in September,” she said.

“The Reserve Bank has dropped the cash rate by 1.00 percentage points since August 2012, to a new low of 2.50 per cent, and there are many home loans available right now for less than five per cent.

"This mortgage season could be the turning point and end the slump in the mortgage market, which we've seen for the last five years," Ms Hutchison said.

According to Australian Bureau of Statistics data, the total number of home loans financed in June 2013 was about 48,676, which is 3,302 more than June 2012 (original figures).

However, first home buyers are still slow to return - 15 per cent of all loans financed in June were first home buyer loans, finder.com.au said.

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Online mortgage activity doubles
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