Mortgage Market in Australia
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The Australian Mortgages were considered as the home loans specialist earlier. Presently their versatile applications have made them specialists in different fields. Presently the mortgage industry covers theareas as follows
The Australian Mortgages were considered as the home loans specialist earlier. Presently their versatile applications have made them specialists in different fields. Presently the mortgage industry covers theareas as follows
- Home loans
- Investment property loans
- Share market loans (secured by property)
- Refinancing and consolidation loans
- Re-location loans
- Mortgage reduction
- Lines of credit
- Construction loans
- Business finance
Present Australian Mortgage Broking Market
It is seen that for the last 12 months ending on 30 June2005, $199.7 billion of loans were written. In the congruous mannermortgage market has experienced strong growth in loan approvals that isaveraging compound growth of 14% per annum (1985 to 2005). The figures aregiven by the Australian Bureau of Statistics for its Housing Finance for Owner Occupation Report,5609.0.
Though in March 2005 there was a rising interest rates stillborrowers demand have remained strong.
With regards to the future of the mortgage broking industryit is anticipated that mortgage Choice has declined to speculate on the growthprospects of the industry. According to MISC (Market Intelligence StrategyCentre) the broker market share has grown from a relatively insignificant levelto approximately 30% of new loans (by value) in just over 12 years.
In the Mortgage Industry of Australia the mortgage brokerproposition is appealing to all its participants, i.e. the consumers, Lendersand brokers.
But undoubtedly the consumer is the winner and has driven thegrowth of the industry against a backdrop of an ever-increasing and complexarray of product offerings.The anticipated growth of the mortgage broking industrylends itself to an exciting future.
The Mortgage Industry Association Of Australia
The MortgageIndustry Association of Australia (MIAA) acts as a provider of services andrepresentations to mortgage brokers, mortgage managers, mortgage lenders (bankand non-bank).Its main aim is to develop, foster, and promote the mortgageindustry.
The MIAAconstitute over 10,000 members nationally. MIAA’s intermediary members(brokers, managers and non-bank lenders) altogether account for around 50% ofmortgage lending in Australia. Members consist of mortgage brokers, mortgagemanagers, non bank lenders, banks, building societies, credit unions, legalfirms, mortgage insurers, trustees, fund managers, valuers, real estate agentsand software providers.
The membershipapplication process requires experience, education, industry sponsorship, andprobity checks. All members must join the independent dispute resolutionservice, the Credit Ombudsman Service Limited (COSL), or a recognisedAustralian Securities and Investment Commission (ASIC) approved equivalent.
Generally thereare three membership categories exist – full member, accredited mortgageconsultant (AMC) and associate membership.
Chase Home Finance | Family Home Finance | Liberty Financial Mortgage | Lenox Financial Mortgage
