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The subprime mortgage and financial crisis [more You have information about the housing finance system of a specific country, statistical data, event dates or articles relating to housing finance you do not find on the HFN? Then help us and share your information! In Australia, mortgage loans are available to homebuyers mainly from banks and specialist non-depository lenders the "mortgage originators" but also — to a lesser extent — from building societies and credit cooperatives.
The Australian financial service industry is dominated by the "big four". Although the Australian banking sector fared quite well in the financial crisis, it nevertheless changed the face of the market. The market share of the so called mortgage originators plummeted dramatically from once 15 per cent in the course of the financial crisis to less than 2 per cent as they rely almost exclusively on funding provided by the capital market.
Mortgage Brokers have an important intermediation role as about 35 per cent of all mortgage transactions were processed through mortgage brokers in The market for housing finance has seen a strong growth from to The ratio of mortgage debt to GDP increased from In Australia, the maximal loan-to-value LTV ratio of conventional mortgages equals 80 per cent.
Loans exceeding this ratio up to per cent usually have to carry Lenders Mortgage Insurance. In , more than 85 per cent of the granted loans were variable rate loans, so that considerably rising interest rates like happened in are of concern for the government.
The Australian government offers subsidies to first home buyers. Households that save for at least 4 years in order to purchase property will receive a government contribution of 17 per cent on the individual contributions made each year up to a set maximum. Furthermore, first home buyers are eligible to an upfront subsidy. House prices increased with an annual average growth rate of 11 per cent from to Yet, this average growth rate masks a volatile house price movement.
While house prices rose considerably from to in and even with almost 20 per cent , they stagnated in and , before they started to rise again. In prices declined by The fall in house prices continued in The four major banks finance the bulk of their lending through deposits. The mortgage originators fund almost all of their lending through securitisation. The market for mortgage-backed securities has experienced difficult times since the beginning of the subprime mortgage and financial crisis as nearly all market buyers for securitised mortgages disappeared.
Therefore, the share of the outstanding housing loans that is securitised has dropped from almost 24 per cent in to around 15 per cent in the beginning of Housing Finance Market Overview In Australia, mortgage loans are available to homebuyers mainly from banks and specialist non-depository lenders the "mortgage originators" but also — to a lesser extent — from building societies and credit cooperatives.
House Price Development House prices increased with an annual average growth rate of 11 per cent from to Refinancing Instruments The four major banks finance the bulk of their lending through deposits.