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Lockdown and low interest rates drive huge growth in home loan applications

The second quarter of 2020 (Q2 20) commenced with two months of lockdown for the real estate industry.

Estate agents were only allowed to resume work on 1 June under Alert Level 3, with home buying accelerating in June due to pent up demand created by the lockdown as well as historically low interest rates.

“In June, ooba’s ratio of home loan applications from First-Time Homebuyers increased by 12%. Buyers who previously could not afford a home are entering the market for the first time due to lower interest rates,” says Dyer. 

Rhys Dyer, CEO of ooba, says: “After extremely low business levels in April and May, we received a flood of home loan applications in June, up 51% compared to June 2019. This high level of activity has continued into July, with volumes in July up over 60% on the same period last year.

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