Switchers are driving the mortgage market

Two rate cuts in 2015 are encouraging Aussies to shop around for a great home loan deal according to the Veda Consumer Credit Demand Index. The rate cuts have made Australians feel better about their financial situation.

New mortgage applications increased 12.5 per cent over the last year according to Veda. Much of that is people switching to a better deal said Veda’s Angus Luffman.

“Some of the growth in mortgages can be explained by consumers switching.”

Source: Banking Day