17/07/2006 - 11:47

'Line of Credit' loans popular in WA: Mortgage Choice

17/07/2006 - 11:47

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WA home loan borrowers are increasingly using the equity in their homes to renovate or for investment purposes, according to data released by mortgage brokers Mortgage Choice Ltd today.

'Line of Credit' loans popular in WA: Mortgage Choice


WA home loan borrowers are increasingly using the equity in their homes to renovate or for investment purposes, according to data released by mortgage brokers Mortgage Choice Ltd today.

Latest Mortgage Choice housing loan approval data for June 2006 in Western Australia has shown almost 18% of the company's Western Australian residential loan approvals are now for 'Line of Credit' products. This is up from 14% six months ago and well above the national average of 11%.

Mortgage Choice national corporate affairs manager Warren O'Rourke said WA borrowers were much more flexible in product choices than those in other states.

For the month of June basic variable loans remained the most popular at 29 per cent. Standard variable loans accounted for 28 per cent of all Western Australian approvals, reversing the trend of a declining interest for that package since January.

At the same time approvals for fixed rate loans, while still at historically high levels, also saw demand decline, albeit at a much slower rate. Fixed rate loans accounted for 22% of all Mortgage Choice approvals compared to 25% nationally.

 

 

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