BetterBond Home Loans data reveals an increase in the percentage of home loan applicants – a figure sitting at 5.06 percent in the 12 months to end of October compared with the previous 12 months, while the total value of those applications showed a 12.26 percent year-on-year (y/y) increase.
According to the mortgage originators, the approval rate on loan applications proves that using a bond originator gives one a better chance of obtaining a home loan in the shortest possible time.
They also point to the fact that the quality of applications has improved with BetterBond noting that they are able to assist applicants to gather all required supporting documentation before submitting an application to the bank.
That said, interest rates are currently at historical lows which means home loan finance is affordable and of course we are told it is a buyer’s market.
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Affordability is a key factor when it comes to obtaining the necessary finance for buying property and the fact is that many consumers today simply don’t have the affordability ratios required by the banks
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