Proprietor-occupier loans surge year-on-year in November

The worth of latest owner-occupier mortgage commitments for dwellings skilled a sturdy 10.1% development via the yr to November, whereas the variety of these commitments additionally noticed a considerable 7.3% rise, recent ABS knowledge confirmed.

“November noticed continued development within the worth and variety of new owner-occupier dwelling mortgage commitments, which rose 0.1% and 1% within the month respectively,” stated Mish Tan (pictured above), head of finance statistics at ABS.

_{Worth of latest borrower-accepted mortgage commitments (seasonally adjusted)}

Worth of complete new investor mortgage commitments

November additionally noticed a optimistic development within the worth of complete new investor mortgage commitments, with a notable 1.9% improve for the month. Evaluating this knowledge to the identical interval final yr, there was a major 18% surge.

“The expansion in owner-occupier and investor lending seen via 2023 was pushed by the three states with the most important populations,” Tan stated in a media launch. “For each owner-occupiers and buyers, New South Wales noticed probably the most development.”

First-home purchaser mortgage commitments and refinanced loans

The ABS knowledge additionally revealed that the variety of new owner-occupier first dwelling purchaser mortgage commitments rose by 3.5% in November, up 20.3% in comparison with the identical month final yr. The worth of those commitments additionally skilled development, rising by 2.8% for the month and 25.8% year-on-year.

The variety of refinanced owner-occupier mortgage commitments between lenders elevated by 4.2%, reaching 21,482 in November – barely under the file excessive of 28,132 in July and akin to the degrees noticed in March 2022, simply earlier than the Reserve Financial institution initiated a sequence of money price will increase.

Private finance

The ABS report additionally highlighted a 5.6% decline within the worth of latest mortgage commitments for complete fixed-term private finance, amounting to $2.4 billion. This lower was largely attributed to a 5.4% fall in lending for the acquisition of street automobiles.

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