Mortgage Enquiries Surge: Australian Brokers Hope for Trend to Continue

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The Mortgage Gallery Rockingham helps mortgage-seekers find the appropriate deals that will allow them to make the most out of their investments thru their home loan service.

Rockingham Mortgage Brokers

The Mortgage Gallery Rockingham

With these new developments, many analysts forecasted that consumer confidence may be brought back and they are hoping that this will lead to a constant industry growth.

The Mortgage Gallery Rockingham, a leading mortgage broking group in Australia, offers clients assistance in finding various home loan deals that will benefit them the most. By personalising their home loan options, clients can take advantage of the improvements in the mortgage broking industry.

According to the latest Consumer Credit Demand Index by Veda, an esteemed consumer credit agency, mortgage enquiries for the year has increased by 1.5%. This is the first ever increase recorded in the sector for the past eight quarters.

These new figures, according to experts, are advantageous not only for mortgage brokers but also for those who are planning to have their properties mortgaged as well. This trend may result to more reasonable mortgage prices.

In addition, several areas in the country have had a considerable increase in mortgage enquiries, such as the Northern Territory, Western Australia and Queensland, each having an increase rate of 9.7%, 6.6% and 10.2%, respectively – which, according to analysts, is reflective of the improving status of the industry.

In explaining the numbers, Angus Luffman, Veda’s Head of Consumer Risk, says “Turning points in mortgage enquiries usually occur one to three quarters ahead of turning points in house prices, an early warning sign which could indicate that after a continued decline, mortgage enquiries may have bottomed out. Veda mortgage enquiries are closely related to the number of housing finance approvals so this is a trend to watch, particularly if you are hoping for a future pick-up in house prices.”

On the other hand, some studies have shown that although the industry is slowly recuperating, there are several factors that may affect its growth, such as interest rates, the global economy, affordability of properties and many others. In fact, there are also data from the Australian Bureau of Statistics showing that many people have stopped borrowing recently. This may have a negative effect on credit growth.

But according to several financial experts, this concern may be resolved with an interest rate cut provided by the Reserve Bank of Australia (RBA) - which may encourage other lenders and financial institutions to follow suit. Presently, the RBA has taken heed of this, and has now declared a 0.5% interest rate cut imposed this May.

With these new developments, many analysts forecasted that consumer confidence may be brought back and they are hoping that this will lead to a constant industry growth.

In response to this call, The Mortgage Gallery Rockingham has intensified its efforts to provide a suitable loan type for those who are looking for affordable and reasonable home loans in Kwinana, Cockburn, Rockingham, Perth and other areas.

The Mortgage Gallery Rockingham is composed of reputable and professional mortgage brokers who are servicing clients from Cockburn, Kwinana, Rockingham, Perth, among others. If you want to know more about the company and its services - do not hesitate to give them a call at (08) 9527 1800 or you can visit their site at http://www.themortgagegalleryrockingham.com.au/.

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