Loans for new homes fall 2.1pc as mortgage demand picks up

Already a subscriber?Mortgages for the construction of new homes fell to a five-month low in February even as investors and first home buyers borrowed more on rising confidence in their ability to service loan commitments.

The value of loan commitments for new housing construction fell 2.1 per cent in February after a decline of the same size in January, making the $1.6 billion monthly total the weakest since September, highlighting the difficulty of making new housing projects stack up for buyers and developers at a time of higher construction and borrowing costs.

The figures point to weaker home-building this year and next, which will act as a further brake on national cabinet’s target of building“Loans for the construction of dwellings continue to slide, however... pointing to weaker building activity later in 2024 and into 2025,” the CommSec economists said.

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Decline in Loans Offering Rewards and PointsBrendan Dixon, a mortgage broker with Pure Finance, explains the decline in loans offering rewards and points. However, the Qantas Money Home Loan stands out with its competitive variable rate. The loan is suitable for those who prefer a do-it-yourself approach.
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