Lending rips
Fairly conclusive figures just released, with a huge surge in lending to homebuyers in August, in line with what mortgage brokers have been saying for sometime.
And it wasn't all for refinancing, this is set to be real homebuying activity.
Boom...
Ex-refi, lending in all three of the most populous states surged to record highs.
First homebuyer numbers were also +37.4 per cent higher year-on year as the stimulus measures kicked in.
CBA has already confirmed that it's no longer accepting FHLDS applications, having reached its capacity.
Investor lending was up +9.3 per cent over the month, but remained miles below previous levels.
Responsible lending obligations are set to be would back in due course - by March if the legislation is successfully passed - and income tax relief should add approximately $60,000 to $80,000 to the borrowing capacity of dual income households (and perhaps about half that for single income borrowers).
Mortgage rates continue to call amidst competition between lenders tapping the Term Funding Facility at a rate of just 0.25 per cent.
Thus ended housing downturn ended after 5 uncertain months.
