Mortgage Holders Look To Save Money

New research recently revealed that mortgage brokers were not as severely affected by last year's lending slowdown, as other areas of the home loan market.

A survey recently conducted by the Market Strategy Centre (MISC) revealed that while the domestic mortgage market contracted by 11 per cent in the six months up to September 2010, 164 broker groups wrote only nine per cent less loans in that period.

Research conducted by broker's showed that borrowers were keen to shop around and compare home loans, rather than dealing directly with banks. Borrowers would obviously choose options that they perceived to offer them more assistance and more choice.

Research also showed that the average broker loan was worth $276,715 for the period while for direct loans the figure was $270,668.

Data recently released by the Australian Bureau of Statistics showed that the number of new home loans for owner-occupiers rose 2.5 per cent in November 2010, despite the Reserve Bank's decision to lift the official interest rate in that month.

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Published on January 1-th, 2011 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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