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(From Business Day (South Africa))
Byline: Nick Wilson
Mortgage advances up on last year Property Correspondent IN SPITE of the two interest rate hikes this year, mortgage advances by the financial services sector increased 30,2% year-on-year last month, the highest growth on record since 1965, according to data released yesterday by the SA Reserve Bank. Absa senior economist Jacques du Toit said it appeared that while the property market was continuing to slow down, the sustained high growth in mortgage advances, which include loans for residential and commercial properties, could be an indicator that households were using their mortgages to finance debt …