Investment loans fall 9%28 July 2015 by News Desk
The number of loans given for investment in property in Australia has fallen across the country.
AFG, Australia’s largest mortgage broker, says that the number of investment loans it awarded in New South Wales last month fell from 49.8% in May to 41.6%. Investment loans had been running at an average of 49.5% of all loans in NSW for the past 12 months.
Across the country, the number of investment loans fell in SA from 41.8% to 36.8%, in Queensland from 36.1% to 34.1%, in Victoria from 36.5% to 35.7% and in Western Australia from 31.8% to 31.2%.
Darrell Todd, ceo of thinkingaustralia, says: “The government is seeking to cool the buy-to-rent housing markets, particularly in Sydney and Melbourne, and the interest rate rises by the major banks look set to achieve this. This can only be a good thing for people who feel they have been priced out of the rising property market”.