14 January 2021|2 minute read
Demand from refinancers, movers, and first home buyers has lifted the settled loan volume of Australia’s leading mortgage broker, Aussie, by 11 per cent to $17.7 billion for the 2020 calendar year.
Aussie posted a 28 per cent lift in loans for first home buyers in 2020, while loan volumes for ‘next home’ buyers during the same period rose by 17.1 per cent.
According to Aussie, strong first home buyer activity is expected to continue over 2021 off the back of continuing historically low interest rates and the range of Federal and state government measures, available to support them.
Meanwhile, refinancing activity dominated the lending volumes during 2020 and should continue, with Aussie’s 2020 research of more than 1,000 mortgage holders finding 70 per cent believed the market conditions represented a good time to refinance their home loans.
CEO of Aussie James Symond said, “The year was dominated by very heavy competition amongst lenders, especially in their fixed rate products, and this should continue as both fixed and variable interest rates continue to be sharpened.
“We are very confident that Aussie’s loan volumes will continue to grow to over $18 billion for the 2021 financial year, amid the buoyant real estate market, record lending conditions, and despite the ongoing economic and social pressures being placed on us all by the COVID-19 pandemic.
“Mortgage brokers, who provide more than 50 per cent of home loans in Australia, are proving their worth at this time as they help borrowers navigate their way through the abundance of products and government schemes currently available, as well as the often daunting task of securing a mortgage,” he added.
Mr Symond said, “We are seeing confidence of consumers return. I believe the comeback for the Australian property market will continue for some time, especially with the continuation of government schemes to help first home buyers enter the property market.
“Many of our brokers are currently working around the clock to help customers with their loan applications in the new year and we are expanding the number of brokers and stores to meet the demand for assistance,” he concluded.
Aussie was founded in 1992 by John Symond and was widely credited for bringing competition to the Australian home lending industry. For nearly 30 years, Aussie Brokers have put progress within reach of more Australians, helping 1.5 million customers with their home loan. Today, Aussie has the largest retail footprint of any mortgage broker brand in Australia.