By some accounts, the 1950s became the point when Australia moved toward modernisation. Several media outlets pointed out that Australia began pursuing an aggressive expansion policy in the post-World War II era. Australian banks and lenders played a large role in the policy as they provided the financing.
Loans funded the purchases of machinery, land, and modern appliances. From an economic perspective, Australia has struggled. Its history shows that the country has experienced very low lows in deflation and very high highs in inflation. Thus, it has never had an elongated stable period.
Another significant period in banking and lending history in Australia is the 2000s. After the housing bubble burst, the public could not afford the inflated home prices. Plus, they didn’t trust mortgages that included variable rates.
Nonetheless, the big four banks in Australia hold an estimated 75% of mortgages. It’s possible that Australians feel more comfortable receiving their loan products where they place their savings.
Mortgage Street is another option for Australian homebuyers. Our non-bank lender status means that we only service loans. Since we do not service savings accounts, we have the freedom to lend to homebuyers who do not qualify for conventional loans. Plus, we can compete with banks for well-qualified homebuyers.
Australian Banks and Lenders Conclusion
Australian banks and lenders have had an interesting last 75 years. It’s one reason why non-bank lenders such as Mortgage Street exist. When you become our client, you receive innovative financial solutions and access to additional products. Contact our team today.