A slowing credit market in its various forms incites competition but that’s our game. That’s how we entered the market and we continue to compete by offering consistent value and service and that is something that really appeals – refinancing or otherwise,” she told Australian Broker.
Year on year, ING
Direct has always been a “true competitor” in the home loan space with a trusted brand, Claes said. However, the outstanding loan market being subdued may affect ING
Direct and other non-majors in other ways.
“Some things to keep in mind is that the various stimuluses on offer compressed homebuyer demand into a very short space. Some of that dampening is still having an impact on current production,” Claes said.
“Today, affordability is clearly an issue being faced by many new homebuyers. The market stagnated for a while and in the past 9 to 12 months it’s taken off and is now out of reach for many first homebuyers while investors can more readily access this market.
“Interest rates being low and a relatively healthy Australian economy means the home market is the first place where that confidence becomes evident.”
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