Banks 'as busy as ever': Mortgage Choice sees signs of market recovery

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Banks 'as busy as they have ever been': Mortgage Choice says property market showing signs of lifting

Mortgage Choice is the latest property-exposed business to detect signs the property market is turning, with loan applications up "significantly" in recent months, in stark contrast to a year in which its profits were battered by falling house prices and tighter credit.

"There's a lot of activity, I think we still need to see that activity come through into settlement results, which will obviously take another few months."The cautiously positive commentary from Ms Mitchell comes after small rises in house prices in Sydney and Melbourne in recent months, while the latest official data showed a slight lift in loan approvals in June.

Its cash net profit fell 40 per cent to $14 million, in line with guidance, while loan settlements were down 18 per cent to $9.4 billion.Susan Mitchell, Mortgage Choice chief executive "It's going to be a tough outlook for them," said Mr Ellis, who has a hold recommendation on the stock.

 

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Hey SMH.. be a bit more professional! This sounds more like paid news .. typical kind of local news that is published and dropped in the letter boxes for free every week ..

Of course mortgage choice would say that 🤣 In other news Banks think now is a great time to borrow money! Even if you can’t repay it. Don’t worry about that little royal commission speed bump. You’ll be fiiiiinnne. Nothing to see here folks

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