The finance industry has been extremely busy in the last few years due to government building grants and COVID-19.

However, Willow Financial Services mortgage broker Anne Quick said the demand was starting to ease, likely due to a lack of market stock, hesitance from high interest rates and the spike in house prices.

“We are seeing a range of people walk through the door from investors to first home buyers, re-financers and new construction,” she said.

“A lot of people are re-financing and looking for better rates due to the rate rise caused by inflation.

“At the current time variable rates are considerably lower than fixed rates, which does see the majority of the market at the moment switching to the variable rate sector.

“The current increase in rates is more likely to affect the people that have locked in their home loan rates back when they were around 1.99%.

“When the fixed rate term expires this is when it may cause some concern for borrowers.

“When this happens there will be more of an impact then we are noticing right now.”

Willow Financial Services have over 40 lenders and their brokers offer a no cost service, handling everything from start to finish and assisting clients in any way they can.