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Home loans at record high

10 September 2020 by News Desk

The value of new loans for housing rose sharply in July, up 8.9 per cent, according to the latest Australian Bureau of Statistics figures.

ABS head of Finance and Wealth, Amanda Seneviratne, said: “July owner occupier home loan commitments rebounded with the largest month-on-month rise in the history of the series, as social distancing restrictions eased in most states and territories.”

The value of new loan commitments for owner-occupier housing rose 10.7 per cent, while investor housing rose 3.5 per cent. The number of owner occupier first home buyer loan commitments rose 14.4 per cent.

New loan commitments for owner-occupier housing rose in all states and territories except the Australian Capital Territory. The largest increases were in New South Wales, Victoria and Queensland.

The value of new loan commitments for owner occupier housing in Victoria rose 8.9 per cent in July, reflecting the period of eased COVID-19-related restrictions prior to restrictions tightening again from later in July.

The value of new loan commitments for fixed term personal finance rose 6.9 percent in July, seasonally adjusted, and was 11.0 per cent below the pre-COVID-19 levels of February.

“Lending to small and medium sized businesses decreased in original terms in July after rising strongly in June. June’s rise and July’s fall in lending to small and medium businesses were largely caused by end of financial year behaviours”, Ms Seneviratne said.

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