Quarterly in-house statistics from the ASX-listed broker Australian Finance Group,  show that total mortgage lodgement numbers for the last quarter were up on the prior quarter to finish the 2018 financial year at 28,896. This is, nevertheless, below the three-year average for all quarters. Lodgement volume for the quarter increased on the previous quarter to almost A$14.6 billion, roughly in line with previous quarters. David Bailey, AFG's chief executive officer, said regulatory intervention in 2017 and tightened lending criteria appear to have established a 'new normal' for the market. Reviewing the tables provided by AFG, a pattern has emerged over the past four to six quarters."Investors are sitting steady at 28 per cent of lodgements, first home buyers have been at 13 per cent for the past four consecutive quarters, [with] refinancers at 22 per cent and upgrader categories at 43 per cent ," said Bailey. Mortgage holders are also taking advantage of low interest rates to pay down principal, with P&I loans sitting at 81 per cent of all loans, up from a split with interest only loans in the mid-50s 18 months ago. Interest-only loans were down to 15.5 per cent for the quarter recorded - compared to 26.4 per cent in the first quarter of FY18 and rates in the mid-50s two years ago.This approach has eased national loan to value ratios across the states to 67.9 per cent.