New Loans at Record High

09 July 2020 by News Desk   |   SHARE  

Australia has seen a big rise in homeowners re-financing their mortgages and car finance loans.

“The value of existing owner occupier loans refinanced with a different bank was by far the highest on record as borrowers responded to reduced interest rates and refinancing offers”, said ABS Chief Economist, Bruce Hockman.

The value of new loan commitments for fixed term personal finance rose 14.5 per cent in May.

“The rise in the value of new loan commitments for fixed term personal finance was driven by a partial rebound in the value of new loan commitments for road vehicles”, Mr Hockman said.

Australia housing loans

The value of new loan commitments for housing fell by 11.6% in May according to the latest Australian Bureau of Statistics.

The fall was driven by falls in the value of loan commitments for housing in New South Wales and Victoria.

The value of new loan commitments for owner occupier housing fell 10.2 per cent, while investor housing fell 15.6 per cent. The number of owner occupier first home buyer loan commitments fell 9.3 per cent.

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