Lodgements at record high
Australia's largest mortgage aggregator reported a record quarter of $19.9 billion in lodgements in the final quarter of 2020.
The average mortgage size in New South Wales surged to a record high, while Queensland also reported a record high average mortgage size.
It was a strong quarter for lending in New South Wales, Queensland, Victoria, and Western Australia.
With record low mortgage rates more borrowers than every before are opting to pay down mortgage debt, with a record high 88 per cent of borrowers choosing principal and interest products.
With interest-only loans fading out this is keeping a useful lid on debt loads and ratios.
But this was a huge quarter for AFG, with volumes 30 per cent higher than the corresponding quarter of the prior year.
