Home Loan Commitments rise 13.3%
The value of new mortgage borrowing is continuing to increase, as more buyers enter the market and property prices – and therefore loan sizes – keep rising.
Borrowers committed to $26.40 billion of home loans in February, according to the most recent data from the Australian Bureau of Statistics. That was 1.5% higher than the previous month and 13.3% higher than the previous year.
The owner-occupier share was $16.87 billion, which was up 1.6% on the month before and 9.1% on the year before.
The investor share was $9.53 billion, which represented a 1.2% month-on-month increase and 21.5% year-on-year increase.
But while Australians are taking out more new loans, they’re refinancing fewer existing ones.
Borrowers refinanced $16.55 billion of loans in February, which was 3.0% higher than the previous month but 17.9% lower than the previous year.
Talk to me about your borrowing power
Hit the button below to arrange a conversation with one of my loan specialists to find a deal that’s best for your situation.
We partner with over 50 lenders so you can find the perfect solution
Do you have questions about mortgages or loans?
Ask us in the comments below