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Johannesburg - Mortgage bond originator Ooba in May recorded the company's highest value of home loans‚ a 21.3% increase on a year ago.
May showed a 362% increase from January 2009‚ Ooba’s lowest month during the midst of the sub-prime‚ property and financial crises. Ooba currently originates more than 20% of all new residential home loans in SA‚ based on independent market share figures.
Ooba’s data showed steady year-on-year (y/y) house price growth of 5.1% for May‚ with a month-on-month (m/m) increase of 0.5%. The average home price for May was R913 500. The first-time buyers’ purchase price showed an increase of 4.6% y/y to R675‚116. Of ooba’s total intake of applications‚ 52.1% were from first-time buyers in May.
The initial bank decline ratio was slightly higher y/y by 0.6%. The ratio of applications declined by one lender and then granted by another decreased by 2.6% to 25.8%.
The average deposit in May was 11.9% higher y/y at 16.9% of the average purchase price.
