Mortgage sales plunge amidst interest rate fears
Jitters over rising interest rates and worries about the property market are putting a damper on Australia's appetite for debt, a new survey showed.
Mortgage broker Australian Finance Group (AFG) said home lending sales plunged 30% in December to 5,783 from 8,201 in November - the largest monthly drop since the index was introduced. The size of the average mortgage shrunk to $300,212 from $307,665 as the higher cost of servicing a loan continued to weigh on borrowers' hip pockets.
16 Jan, 2007