Fewer borrowers have also fixed their home loan rates compared to the previous quarter as they are still expecting the official interest rates to drop further.
“Tighter regulations designed to cool the property market, and lending to it, hasn’t deterred investors,” said comparethemarket.com.au’s spokesperson Abigail Koch.
Mortgage sizes also increased across each state except for Western Australia, where lending fell from $2 billion to $1.9 billion. The national average mortgage size is now at $480,094 from $475,134 at the start of the year.
“Early indications from the spring selling season suggest the property market remains very active, especially in the light of recent cuts to the cash rate. Borrowers are seeking to take advantage of the favourable lending environment,” said Koch.
“We encourage investors to shop around and compare home loan products to ensure they get the right possible loan for their living circumstances.”
