Smaller domestic banks are becoming popular among Australians seeking mortgages, according to Scott Manning, a bank specialist at JP Morgan who believes that larger banks are witnessing a decline in demand for home loans.
He said that consumers are opting for mortgages with smaller lenders rather than with major financial institutions in the country.
“We’ve seen a little bit more growth coming through from the other domestic banks, primarily buoyed by some of the political noise at the end of last year,” Mr. Manning noted.
The report by JP Morgan-Fujitsu Australia Mortgage Industry revealed that interest rates and the increasing cost of living has made it harder for some Australians to pay their mortgages. These findings may inspire consumer to compare mortgages online to ensure they obtain the best rates.
Earlier this April, Kristy Sheppard, a spokeswoman for Mortgage Choice, noted that the best way to obtain financing for a property acquisition is to prepare a budget then go on the internet to “play with home loan calculators.”