Home Loan

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"The consistent increase in applications and approvals over the past months is a positive indicator for the property market," Ooba's chief executive Saul Geffen said in a statement.

"There seems to be a marked increase in consumers' sentiment and appetite for residential property and this has been underpinned by improved access to finance"

Ooba said May's figure was the company's best monthly performance recorded since April 2008 and showed a year-on-year increase of 50 percent.

The value of Ooba's home loan applications during May was 20 percent higher than the same period last year, and 36 percent higher than in April.

Geffen said the number of people applying for home loans was increasing, but was being outpaced by the value of home loans approved given improved lending conditions and increased bank competition.

He said May's figures had reaffirmed the increase in first-time buyer activity.