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Demand for home loans sink in August
8-October-08
Written by AAP
Demand for new home loans fell for a seven straight month in August.
Just 48,903 home buyers received approval for loans in August, a 2.2 per cent decline compared to the previous month, the Australian Bureau of Statistics said.
Economists had expected a one per cent fall.
The housing industry hopes that yesterday's surprise 100 basis point cut in the cash rate to 6.0 per cent by the Reserve Bank of Australia (RBA) - which was followed by 80 basis point reductions in mortgage rates by the four major banks - will bring a new lease of life to the housing market.
Article continues...
8-October-08
Written by AAP
Demand for new home loans fell for a seven straight month in August.
Just 48,903 home buyers received approval for loans in August, a 2.2 per cent decline compared to the previous month, the Australian Bureau of Statistics said.
Economists had expected a one per cent fall.
The housing industry hopes that yesterday's surprise 100 basis point cut in the cash rate to 6.0 per cent by the Reserve Bank of Australia (RBA) - which was followed by 80 basis point reductions in mortgage rates by the four major banks - will bring a new lease of life to the housing market.
Article continues...
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