The mortgage market in Australia has witnessed a tremendous growth during 2003 and 2004. However, earlier this year, the market saw a sharp decline in growth rate with 12% growth being recorded in contrast to 22% in 2004.
An analysis by The Road InfoChoice and that the mortgage market in Australia is at present $ 922 billion. It has been noted that this estimate is about three times higher than the report of the Book of Australia. It should be noted that this study is also a 12% higher than the estimate of all banks in the mortgage sector of the Australian prudential regulation authority.
Usually all the big banks play an important role in the market, but usually only offer mortgage loans against the security first and not operating in the area of the second mortgage. Finance and mortgage brokers originate an increasing percentage of the mortgage market in Australia and brokers can generally first or second mortgage on a wide range of lenders.
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