Home loan applications up

By Drum Digital
15 March 2012

The value of home loan applications in February this year was almost 50 percent higher than the same month last year, bond originator ooba said on Thursday.

"The value of home loan applications during February increased by 48 percent in comparison to February 2011," ooba CEO Saul Geffen said in a statement.

This was ooba's best monthly performance since March 2008. However, it was only 48 percent of the applications value recorded at the peak in May 2007, Geffen said.

The value of approved home loans in February increased 32 percent year on year.

"We have not seen these levels since May 2008, but these figures are still 30 percent of the value recorded in May 2007."

The average approved bond size increased by 10.9 percent to R738,835 in February 2012. This was up from R666,124 a year ago, Geffen said.

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