A new partnership with a personal loan organisation has been revealed by the home loan marketplace, following its recent restructuring and move to find a buyer.
The home loan marketplace has announced it has let go of some of its key BDMs and is restructuring and looking for a buyer to “position it for future growth”. Online home loan marketplace platform
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“Over-extended” borrowers with larger home loans rushed to refinance in October as rapid rate hikes eat into their pockets, according to Joust.
Australian home loans marketplace Joust has released data from its live auction service, which revealed a 6.15 per cent spike in the size of loans accessed nationwide in its refinance category for the month of October 2022 ($540,149) compared with the same month in 2021 ($508,838).
Joust noted that the desire from borrowers to refinance larger loans has followed a September quarter that saw a 7.3 per cent increase in the Australian Bureau of Statistics (ABS) consumer price index.
While the data was compiled when the Reserve Bank of Australia increased the official cash rate by 25 bps to 2.85 per cent, the central bank increased the cash rate by another 25 bps in December to 3.10 per cent.
The Joust data also showed that borrowers are simultaneously taking out smaller loans to buy and build homes.
Indeed, there was a 16.97 per cent drop