ooba Statistics August 2017
Category Newsletter: HeadOffice
ooba maintains the best quality applications in the industry, along with the best processing systems and methodologies, ensuring that ooba delivers the highest quality approval rate with the least delays.
For access to multiple lenders and experts who know how to position the bond for optimal success, partner with ooba. ooba understands how important the deal is to you, and we have the capability to motivate and escalate your deals with our banking partners, ensuring that the bond has the highest probability of being granted.
Some relevant statistics for the month of August 2017 follows. These statistics are being shared with you, our business partners, to give you insight into the current lending environment so your buyers’ expectations can be effectively managed and you can feel confident of results.
1. Successful bond approval rate by one bank:
|
Aug 2017 |
Aug 2016 |
Change year-on-year |
Jul 2017 |
Change month-on-month |
|
54.9% |
51.7% |
3.2% |
57.9% |
-3.0% |
The most favourable approval rate was 59.8% and the least favourable was 50.5%. Approval rates are currently trending higher year-on-year as a result of banks competing for business. However, homebuyers continue to face affordability constraints in the current economic environment, compounded by inflationary pressures. Applications with deposits continue to have a higher rate of approval than 100% bond applications, which banks are remain extremely cautious on.
2. Additional successful bond approval rate by multiple banks:
|
Aug 2017 |
Aug 2016 |
Change year-on-year |
Jul 2017 |
Change month-on-month |
|
31.4% |
32.4% |
-1.0% |
32.5% |
-1.1% |
This signifies the opportunity to secure an approval from another bank on applications initially declined by one bank. These statistics illustrate the benefit of ooba’s value proposition to real estate by having access to 10 banks to acquire an approval.
3. Total bond approval rate across all banks:
|
Aug 2017 |
Aug 2016 |
Change year-on-year |
Jul 2017 |
Change month-on-month |
|
72.1% |
70.3% |
1.8% |
75.5% |
-3.4% |
With one of the highest approval rates in the market, ooba continues to secure approval for more than seven out of ten applications that we process, which is a compelling reason for real estate to use ooba’s origination services, particularly under the current tougher economic conditions.
4. Bank Turn-Around Times: (Percentage of Loans Granted with 5 Days)
|
Aug 2017 |
Jul 2017 |
Jun 2017 |
May 2017 |
Apr 2017 |
|
86.3% |
86.5% |
86.6% |
83.5% |
80.5% |
The fastest service delivery by an individual bank was a 5 day grant ratio of 93.0%. The slowest service delivery by a bank was a 5 day grant ratio of 82.8%
5. Average Weighted Rate Concession:
|
Aug 2017 |
Aug 2016 |
Change year-on-year |
Jul 2017 |
Change month-on-month |
|
0.34% |
0.45% |
-0.11% |
0.34% |
No Change |
6. Average Rate Concession in the Top 10th Percentile:
|
Aug 2017 |
Aug 2016 |
Change year-on-year |
Jul 2017 |
Change month-on-month |
|
-0.73% |
-0.74% |
0.01% |
-0.74% |
0.01% |
7. Average Deposit:
|
Aug 2017 |
Aug 2016 |
Change year-on-year |
Jul 2017 |
Change month-on-month |
|
17.1% |
17.8% |
-3.9% |
16.8% |
1.8% |
Author: ooba
