Aussies slam the brakes on borrowing

Demand for new home loans fell 47% in January 2010 from the strong business levels experienced in the September 2009 quarter.

AFG managing director Brett McKeon said AFG mortgage brokers had generated on $1.5 billion worth of new loans in January 2010 – the worst result for the broking chain since January 2005. “People are not moving or upgrading their family homes – they have slammed the brakes on borrowing,” he said.

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