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Households happier to take out new loans in June
After back-to-back monthly decreases in new lending, Australians found some enthusiasm for mortgages in the month of June, with the value of new lending commitments showing a boost.
Households happier to take out new loans in June
After back-to-back monthly decreases in new lending, Australians found some enthusiasm for mortgages in the month of June, with the value of new lending commitments showing a boost.
According to new research from the Australian Bureau of Statistics (ABS), the seasonally adjusted figure has valued new lending commitments 1.3 per cent higher in the month of June.
The seasonally adjusted figure showing the growth in new lending to households is off the back of a 1.6 per cent fall in May.
The bureau’s director of financial statistics, Ben Dorber, said the decline in new lending for dwellings had slowed in recent months, which was reflective of, and consistent with, recent house price movements.
“In June, we saw rises in new lending commitments for both owner-occupier and investor dwellings for the first time in over a year,” he highlighted.
Investor lending, however, remains well down from its peak, and the rise in June was relatively small, up 0.5 per cent, Mr Dorber said.
The Australian states all experienced their own increases to lending commitments for owner-occupier dwellings in June. However, the territories suffered negative growth in lending.
For NSW, it was the first new lending rise seen in the state for more than 12 months, with figures up just shy of 2.5 per cent.
As far as owner-occupier first home buyers are concerned, lending figures are maintaining their strength in 2019, having risen 2.1 per cent in June, which means increases to the demographic’s lending capacity has occurred across five of the six months of the 2019 calendar year.
Personal finance lending also rose by 4.9 per cent in June, but this figure is down 10.9 per cent on June last year.
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