The Bulletin

Search Mortgages Update

May saw a substantial drop in new home loan lending across Australia, and you would imagine with Melbourne being in Lockdown that June will also be low. But despite this drop the ABS revealed that refinancing has hit a record high, with external refinancing numbers hitting 29.19 per cent from April to May and 63.10 per cent, year-on-year according to seasonally adjusted figures.

With interest rates continuing at an all-time low our business is remaining steady. To see all the lowest rates available to potential Search Mortgages clients please visit our web site.

New regulations, a slowdown in off-shoring support and a spike in refinancing has meant that many banks are taking a long time to assess potential new home loan applications.

Please find below a list of turnaround times from many of the leading lenders. This is the time between a deal being submitted with full supporting documents and Search Mortgages receiving a Formal Approval. A number of our brokers are high performers and can get even quicker times with certain lenders. Please talk with your Search Mortgages broker * to discuss:

Bank SA  *                     2-4 days ANZ  15+ days
NAB                             12 days CBA * 7-9 days
Westpac  20-25 days Choicelend 2-4 days
Adelaide Bank             5-8 days Suncorp 7-9 days
Bankwest 4-5 days Beyond Bank               3-4 days
Homestart 5-6 days ING 2-3 days

More like this

Insights on Australia’s Economy: Managing Director James Packham’s Market Update

March 2023 Market Update

December Market Update

Get A Free Appraisal

Find out how much money your property could be worth.

Make An Offer

Make an offer today for  Search Mortgages Update and we’ll be in touch with you as soon as possible.

Expression of Interest

Interested in working with us?

Let's Chat

Do you need a proactive team to take care of your property?