By Jill Fraser for Lending Central

Veda Advantage’s quarterly Consumer Credit Demand Index, released last week, reveal that mortgage applications increased by 32% in the July to September quarter of 2009 compared with the same period last year, reflecting the highest quarterly increase in mortgage applications in the past five years of Veda Advantage records.

But speaking exclusively to Lending Central Russell Evans, Veda Advantage General Manager Market and Product Development cautions against getting too excited about this spike.

Flash numbers for October show a drop in the number of residential mortgage inquiries.

Year on year the September quarter showed a 32% growth following a June quarter of 28%. But Evans says that a preview of October numbers shows only a 15% growth.
Full Story

Potential bottlenecks with home loan applications can be avoided if buyers are assisted through the approval process, according to leading mortgage broker Loan Market.

Loan Market Sunshine Coast broker Lindy Kelly said banks and other home finance providers had been busier due to the rush of people taking up the boosted First Home Buyers Grant.

But she said the increased workload for lenders had not jeopardised residential real estate transactions.

“Loan Market has been working with individual lenders to ensure that there is a process in place for the escalation and fast-tracking of urgent loan applications,” Ms Kelly said.
Full Story