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Home loan take up falls again

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The Reserve Bank is under pressure to sit tight on the cash rate for another month, following new data which showed another drop off in home financing activity.

New data from the Australian Bureau of Statistics showed a 1.5 per cent fall in official home loan approval figures in the month of March.

This means the March quarter year on year has now dropped six per cent.

Loan Market chief operating officer Dean Rushton said the latest figures highlight the fragility of the home loan sector.

Mr Rushton said one of the major influences on the home finance market was expectations of a Reserve Bank rate rise in the near future.

“While the RBA keeping rates on hold for the past six months has been a comfort for many home owners, the spectre of future rate rises is also adversely affecting consumer confidence,” Mr Rushton said.

“Another rate rise could unnecessarily punish mortgage holders and deter those looking to get into the market.”

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