Mortgage broker AFG has biggest month ever, but NSW first home buyers AWOL

Mortgage broker AFG had its biggest month ever in October, processing more than $4 billion in home loans.

The figure is 12% greater than the $3.624 billion processed the month before, which was itself a record.

The biggest increase in activity was recorded in South Australia, up 19%  for the month, followed by Victoria at 18.8%, Queensland at 11.8%, Sydney at 10.9% and last Perth at 5%.

“Low rates and intense competition amongst lenders are making the home loan market not only more attractive, but also more complex. Consumers are increasingly turning to brokers to help locate the overall package best suited to them,” says AFG’s Mark Hewitt.

Fixed home loans accounted for 27.7% of all home loans processed.

First home buyers accounted for 23% of loans in WA, 16% in SA, 11% in Victoria, 6% in Queensland and 4% in NSW.