New mortgage sales down

The sale of new mortgages fell 9 per cent in July compared with June and was 15 per cent below the sales recorded in July 2009. Since March mortgage sales have declined steadily. The proportion of mortgages being refinanced has increased while the number of first home buyers is still well below numbers from last year according to big mortgage broking group AFG. Property investors now make up more than a third of new mortgages sold.

Source: Herald Sun