Brokers, banks and processing companies are being inundated with mortgages as vendors rush to convert their spring property sales before Christmas.
Stewart Saunders from ME Bank told The Adviser that he has been surprised by the amount of loans he has received since the start of December.
“The first week of December for us was an all-time record week, which would’ve been 30 per cent more settlements than we’ve ever had in a week,” he said.
“We’re expecting very strong settlements this week, with the 19th of December geared to be one of the historic days in the history of settlements.”
Chris Evans from First Choice said he was also feeling the Christmas rush.
“December gets really busy because everyone wants to go on holiday, so they want to get rid of as many files as possible and bring settlements early,” he said.
“Also, people want to move in while they’re having holidays, so we’ve been inundated with mortgages and queries.”
Smartline executive director Joe Sirianni also spoke to The Adviser and said he too felt the end of year increase in activity, but also said that it is usually followed by a slump right after the festive break.
“It’s a difficult time of year, because you’re trying to balance family things with work,” he said
“These days, most banks are clear about what has to be lodged by what date to settle prior to Christmas. They have clear cut-out dates, so if it hasn’t been lodged by a certain date then it won’t settle.”