The final few months of the year 2006 proved very unpredictable and harsh for the Australian mortgage industry. This was because the lending values went in the upward direction in the home mortgage sector and the rate of house affordability went down for the first time in the last ten years. Sales of houses gained speed in every suburb and the city of Sydney recorded an unbelievable increase of 30 percent over the total sales of the earlier part of the year. Seeing this increase at the end of the year, the HIA [Housing Industry Association] has predicted that the coming year is going to be a record year for the home mortgage industry in Australia. Experts are speculating that the recent rise in home mortgages is due to the combination of many factors which includes: View the rest of this article
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