The CEO of Australia’s largest independently-owned mortgage broker, Mortgage Choice, Michael Russell, has welcomed the findings contained in Deloitte’s Australian Mortgage Report: 2010, as it paints a positive picture for the mortgage market in 2010.
The report found that mortgage lending will grow by up to 10 percent in 2010, with levels most likely around the 7.5 percent mark, while the continued thawing of the residential mortgage backed securities (RMBS) market will mean non-bank and other smaller lenders will re-emerge while the Big Four relinquish their stranglehold on the industry.
Commenting on the findings, Russel said: “Deloitte concludes that 2010 will be a positive period for the mortgage market…we continue to hear ‘doom and gloom’ statements about next year but they are largely unsubstantiated… I believe we will see continued healthy demand for home loans and a welcome evolution of the lending market, especially when it comes to mortgages.”
The report’s author James Hickey, a Deloitte actuaries and consultants partner said the overarching sentiment is one of renewed hope.
“In 2010 lenders will seek to position for the opportunities ahead. Where 2009 was the year of the major banks, 2010 will provide opportunity for the re-emergence of other lenders in the marketplace,” he concluded.