Biggest drop in Home loan applications

Home loans have suffered the biggest drop in ten years. Australia had a 7.9% drop in January 2010 which was second only to a fall in June 2000. First home buyers continued to drop to 20.5% of those seeking a home loan in January with the average loan dropping $5,400 to $284,700. December also experienced a drop of 5.1%. Home loans in Western Australia dropped 11.1% in January.