RateCity predicts busy mortgage season

Australia’s banks are set to get busier over the next few months, as “mortgage season” starts to kick in, according to financial comparison website RateCity.

RateCity CEO Damien Smith said that Australia is expected to have the busiest mortgage season in years as confidence about the economy returns to the market and lenders become hungry for market share.

Mortgage season typically runs from September to November says Smith, and is known to be the busiest time for buying and selling property and applying for home loans.

“More Australians are finding great opportunities by shopping around for a home loan. Coupled with the rush for the last of the government’s first home buyer boost ending in December and investors returning to the market, this mortgage season is likely to get busy for lenders,” he said.

According to RateCity research, the number of Australians looking for home loans doubled during last year’s mortgage season compared to the rest of 2008; and the number of home loan applications during that time was seven times more than the previous three months. Smith says this mortgage season is expected to be even busier.

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