GENERAL NEWS
FEWER Australians took out new mortgages over FY23, as loan activity sank back to pre-pandemic levels while refinancing activity soared.
According to PEXA’s latest Mortgage Insights Report, over the FY23 period, a total of 481,234 new loans were issued across the country...
All states recorded a double digit drop in new loans, with Queensland seeing the highest volume of new residential loans at 125,547, down...
On the other hand, the largest states of NSW and Victoria recorded the greatest declines down 24.0% to 117,529 and 20.9% to...
Median loan amounts for new loans were also trending downwards over the year in the two largest capitals, with Sydney down to...
While Brisbane was up to $493,523 from $479,959 in FY22, Perth increased to $415,984 from $400,000 and Adelaide to...
“New lending activity declined across the board in FY23 which reflects the property market normalising to pre-pandemic levels...
“By contrast, we’ve seen refinancing figures continue to trend upwards over the past three years with particularly strong increases since the...
Refinancing growth was greatest in WA, up 29.5% from FY22, South Australia was up 19.4% and Queensland was up...
The median refinanced value also continued to climb, led by NSW at $337,075, Victoria followed at $306,186, WA at $287,422, Queensland a...
“The rise in refinancing activity in FY23 has also been boosted by the high proportion of recent borrowers who had taken out fixed-term loans...
“These borrowers are now rolling off their low interest, fixed-term loans, leaving them open to a better deal. The lure of attractive incentives offered by...
Over FY23, the major banks held the leading market share for refinances in all states, which accounted for the greatest share in WA at...
In NSW, major banks held 67.3% of the market share, in Victoria 66.4%, South Australia at 64.0%, and Queensland at 60.4%...
“When we looked a little deeper into the data, the major lenders came out on top in FY23, gaining market share for loan refinances...