Mortgage size up while market contracts

The size of the average mortgage grew 7.5 per cent from $317,000 to $341,000 in the year ended June 30 according to leading mortgage broker AFG. The number of new mortgages sold through AFG, which claims to be the nation's biggest mortgage broker with 10 per cent of the national market, declined for the second quarter in a row. For the full year, sales of mortgages are down 2 per cent compared with the financial year ending June 2007. Mortgage brokers continue to have about one third of the national mortgage market.

Source: The Age