A broker poll has found refinancers and first homebuyers are driving the housing finance market in 2012.

The Loan Market poll asked brokers which group they have received the highest number of enquiries from since the beginning of the year. Forty-one per cent of the company's brokers tipped first homebuyers as most active. A Loan Market spokesperson claimed the surge of first homebuyer activity came after a "subdued" 2011 in which potential buyers built up their savings.

"The enquiries from first homebuyers this year are largely made up buyers with significant savings and thorough awareness of the lending landscape," he said.

While respondents to the poll most commonly pointed to first time buyers as the main drivers of activity, 36% said refinancers had provided the most enquiries. Twenty per cent said property investors had been most active, while only 3% pointed to self-employed borrowers.

AUSTRALIAN BROKER NEWS

Borrowers are anticipating yet another rate cut when the RBA meets next week, echoing the sentiments of most economists.

A Loan Market survey has found two-thirds of respondents believe the Reserve will once again take the knife to rates when it meets on February 7. Thirty-nine per cent are forecasting another 25bp cut, while 27% expect a deeper 50bp cut. Loan Market COO Dean Rushton said still more needs to be done to stimulate the economy following the RBA's successive rate cuts at the end of last year.

"The RBA lowering rates in November and December last year was an appropriate course of action which was a welcome relief for borrowers and struggling sectors such as retail, but there are no signs of an improvement in the current global economic environment, particularly the volatile situation in Europe. While the fundamentals of the Australian economy remain quite strong and consumer sentiment has improved, sections of the economy can benefit from the stimulus provided by more interest rate cuts," Rushton said.

The question remains, however, whether an RBA cut would see immediate benefits for consumers. NAB chief executive Cameron Clyne has added to the chorus of bankers flagging bank inaction following the next RBA cut, telling radio station 3AW there was "no correlation" between the RBA cash rate and the bank's cost of funds.

by ADAM SMITH - AUSTRALIAN BROKER NEWS