Borrowers leave mortgage market
The Reserve Bank’s series of rate rises are slowing the economy, with the latest evidence a sharp fall in home loan approvals. The number of home loans approved in March fell by 6.1 per cent, following an 8.1 per cent drop in February according to the Australian Bureau of Statistics. Hardest hit were new home buyers where approvals were down 12.3 per cent in March and have dropped by 27.8 per cent over the last five months. Investment property loans have also fallen sharply with 7.1 per cent fewer approvals in March and were 25.6 per cent less than in the middle of last year.
Source: The Australian