Low rates make borrowers confident
Australians are more confident about taking out a home loan, thanks for the lowest interest rates in 40 years, according to a poll by Loan Market Group.
The survey found 41% believed there had never been a better time to get a mortgage. Borrowers expect further cuts by the Reserve Bank and want to take advantage of soft real estate prices.
The online poll also found 34% of respondents have kept loan repayments at their former levels in order to pay off mortgages faster, rather than take advantage of lower interest rates by reducing their repayments.
Meanwhile, the Housing Industry Association says sales of new homes increased 8.3% nationwide in January, led by first-home buyers.
