Data published by the Australian Bureau of Statistics suggests despite increased competition in the home loan sector and the supposed war between the big 4 over your mortgage – home loan approvals have dropped away.
The number of loans approved towards purchase or construction of houses and apartments fell for the first time in seven months, falling 4.5 per cent from December.
Undoubtedly the increased incidence of natural disasters in Australia have had a lot to do with the drop.
Demand for loans in Queensland fell by 16 per cent as the consequence of severe floods as well as cyclone Yasi.
It may take some time for mortgage demand to return to pre-disaster figures.