Fewer mortgages were issued in the the first three months of the year than anytime in the past six years, according to new figures that provide fresh evidence into the fragile state of Australia’s property market.
There were 23,049 loans lodged in the quarter, 10 per cent less than the previous three months and 15 per cent lower than the same period last year, according to a report from Australia’s biggest mortgage aggregator, AFG.
The $11.6 billion lent was the lowest quarterly figure since 2014.
“Today’s numbers provide stark evidence that the lending environment has significantly deteriorated,” said AFG chief executive officer David Bailey.
Interest only loans have fallen from 60 per cent of all loans to just 19 per cent, the report said.
Among major lenders, Westpac and Bankwest have been gaining market share over the past 12 months while ANZ and NAB have lost it, the report showed.