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Australia home loan rise shows low rates are working
Australian home loan approvals rose by 1.8 per cent in May as interest rates were cut to a record low. A rise in home loan approvals is a sign that record-low interest rates are working to stimulate the housing sector. Mortgage numbers rose by 1.8 per cent in May, the month the Reserve Bank of Australia (RBA) trimmed the cash rate to 2.75 per cent. While the housing finance figure was slightly lower than market forecasts of a 2.2 per cent increase for the month, ANZ head of property research Paul Braddick said low interest rates were working, especially in NSW after eight years of struggle. "The market forecast was ... (full story)