HIA: Housing finance rates increase during November

By the resi financial blog team, 15 January 2014

Financ rates increase in November

Anyone investigating home loan options at the moment could be interested to hear about the latest data released by the Australian Bureau of Statistics (ABS), which has highlighted the increasing strength of the real estate market across the nation.

According to the statistics, lending for new homes across Australia increased during November after steadily rising throughout the year. This could be fantastic news for people interested in purchasing property in the near future.

There was a 0.9 per cent increase in the total number of owner occupier home loans during November, while construction loans rose by 2.3 per cent over the same period. Furthermore, loans for established dwellings grew by 1.2 per cent.

Housing Industry Association Senior Economist Shane Garrett said the growth in popularity of home loans, especially construction, was encouraging for the continued development of the nation.

"Today’s figures confirming the continued recovery for residential construction are not just a good news story for the industry but also for the wider Australian economy," said Mr Garrett in a January 13 statement.

"The value of loans to investors rose by 1.5 per cent during November and this is consistent with the new mood of confidence in Australia’s housing market."

He went on to say the benefits extend further than simply stimulating residential infrastructure, with the renewed emphasis on building providing a number of jobs and opportunities for people across the nation - further helping to stimulate the economy and aiding Australia's growth.

Now could be the perfect time to look into the home loan options available to you. Whether you're looking for an investment home loan or a personal mortgage, the economic landscape could be extremely accommodating for helping you achieve your real estate goals.

Categories: Home Loans, Property Investment