Qld loan waiting times blow out

Home loan applications from first home buyers from areas in regional Queensland are taking about three weeks to assess through most lenders. Market expectations of a strong three per cent rise in housing commitments plus a dwindling pool of active lenders in the market are blowing out waiting times for new home loan applicants, especially in areas outside the capital cities.

Approximately 6,400 Queenslanders applied for the first home buyers grant between November 2008 and January 2009. New building approvals went down in January 2009 by 5.1 per cent to 1,418 new homes approved, the lowest level in many years.