Lenders are all smiles as they gained an increase in profits by 17.7% from last year amounting to $29.9 billion after taxes.
Credit the residential home borrowers, as their loans increased by 7.2% from the previous year. Non major lenders gained most from this sector, as their residential loans increased by more than 20%. $76.6 billion of housing loans were approved in total.
Loans with 80% loan to value ratio has increased for the September quarter at 35% compared to the previous quarter at 32%. These values are still within range of the previous year’s value, where in the September quarter of 2012 accounted for 33% of loans with 80% LVR.
Read more about this on the Australian Broker Online website.