Home Loan Repayment
$
%
years
Wholesale mortgage broker AFG has reported a 16% increase in the value of home loans granted in February, thanks to the historically low cash rate.  
 
AFG said it processed $4.3bn in home loan sales last month, which is 16% more than a year earlier. Just this week, the company’s brokers wrote $280m worth of mortgages.
 
General Manager Mark Hewitt believes RBA’s rate cut played a role in the latest results.
                                        
"February is the real start to the mortgage year and, overall, we're off to a flying start this year. I would say, based on the numbers we've seen in the last 10 days or so, it probably is a slight acceleration on what we had seen pre-Christmas," he said, as quoted in The Sydney Morning Herald.
 
The company also recorded soaring loan volumes, including 25% in NSW compared with a year ago; 21% in Victoria; 31% in South Australia and 15% in Queensland.
 
However, AFG said loan volumes have dropped in Western Australia as the region’s economy “bears the brunt of a drop in mining investment”.
 

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now