Applications for home loans continues to grow

According to the ABS, home buyer activity – buoyed by first home owners – continued to climb in January 2009.

The figures showed that the total number of dwellings financed in January 2009 increased by 3.5%, seasonally adjusted, to 53,713.

The number of home loans taken out by first home buyers continued to soar, accounting for 26.5% of all deals.

With the bottom of the rate cycle drawing nearer, fixed rates increased in appeal in January 2009.

The number of fixed rate home loans taken out as a percentage of all loans rose from 1.9 per cent in December 2008 to 3.8 per cent in January 2009.