Home owners plough cash into mortgages during lockdown (AFR)

Voluntary payments into mortgages more than doubled in July, August and September from the previous 12 months, data from non-bank lender Firstmac shows, raising the question whether consumers will save, rather than spend, extra cash handed to them in last week's budget.

Firstmac's analysis of its direct retail mortgage book shows the level of additional payments made by borrowers jumped to an average 10.2 per cent of the portfolio in the past three months, compared with the monthly average payment of 4.8 per cent last year.

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15 Sep 2020

These are good customers in a bad situation, says Firstmac (Mortgage Professional Australia)

Throughout the past three months, Firstmac’s monthly loan data has shown encouraging signs of recovery in the number of Australians on COVID-19 hardship arrangements.

Nationwide, the number of borrowers on fully or partially-deferred loans has entered into a continual decline from 5.65% on 31 May down to 4.48% at the end of August.

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