“Our consumer survey revealed a concerning emerging trend – just 32% of borrowers know what interest rate they’re currently on, down from 40% a year ago. Borrowers who aren’t across their home loan interest rate could be paying more than they need to.
“If you’re among the two-thirds of borrowers who aren’t across their current rate, I encourage you to have a chat with a mortgage broker who can help you assess whether your rate is still competitive.”
The total value of home loan submissions across all purposes rose 19% year-on-year over the March quarter. Purchase submissions grew by 16.6%, while construction lending saw the largest increase at 38.7%.
South Australia, the Northern Territory, and Western Australia were the strongest-performing purchase markets, recording year-on-year growth of 21.6% and 20.6% respectively.
The value of investment loans submitted through Mortgage Choice rose 30.5% year-on-year nationally in the March quarter. Western Australia recorded the largest increase of any region, with investment lending values up 73% on the same period in the previous year.