Property investor Olly Newland says Reserve Bank figures showing mortgage approvals at a four year high should not be taken too seriously, as many people are changing banks to get a better deal.
In the week to the 28 December,nearly 8300 loans were approved, with more than $1.3 billion borrowed.
The last time weekly mortgage approvals peaked was in 2009, when almost 11,000 loans were approved in the week to 3 April.
Mr Newland said mortgage approvals are always high in December when people look to buy and sell their homes.
But, he said, the figures should be scrutinised as they include refinancing of mortgages, people who are paying their mortgages back, and money raised to finance businesses.
Mr Newland said many people are being approved new mortgages when they change banks to get a better interest rate, which can warp Reserve Bank figures.
