MEDIA RELEASE 10 October 2019 Embargoed: 11:30 am (Canberra time) New lending to households rises 3.2 per cent

The value of new lending commitments to households rose 3.2 per cent in August 2019, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) figures.



The rise in new lending commitments to households in August follows a 4.3 per cent rise in July and a 1.8 per cent rise in June 2019.



ABS Chief Economist, Bruce Hockman said: “In August, new lending commitments to households rose for the third straight month.”



“Strong refinancing activity was seen for the second month in a row, while new lending commitments for investment dwellings recorded the strongest monthly growth since September 2016.”



The value of new lending commitments for owner occupier dwellings rose 1.9 per cent nationally in August, with rises in all states and territories apart from the Northern Territory. New lending commitments for investment dwellings rose 5.7 per cent in August, with Queensland (up 10.4 per cent) and Victoria (up 9.5 per cent) recording the strongest growth.



The number of loans to owner occupier first home buyers rose 5.2 per cent in August, the strongest rise this year. Compared to August 2018, the number of owner occupier first home buyer loan commitments were up 8.0 per cent.



Personal finance commitments fell 2.2 per cent in August following a 3.8 per cent fall in July and was down 12.9 per cent on August 2018.



In trend terms, the value of new lending commitments to businesses fell 2.0 per cent in August and was down 5.3 per cent on August 2018.



More information is available in Lending to Households and Businesses, Australia (cat no. 5601.0).



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The value of new lending commitments to households rose 3.2 per cent in August 2019, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) figures.The rise in new lending commitments to households in August follows a 4.3 per cent rise in July and a 1.8 per cent rise in June 2019.ABS Chief Economist, Bruce Hockman said: “In August, new lending commitments to households rose for the third straight month.”“Strong refinancing activity was seen for the second month in a row, while new lending commitments for investment dwellings recorded the strongest monthly growth since September 2016.”The value of new lending commitments for owner occupier dwellings rose 1.9 per cent nationally in August, with rises in all states and territories apart from the Northern Territory. New lending commitments for investment dwellings rose 5.7 per cent in August, with Queensland (up 10.4 per cent) and Victoria (up 9.5 per cent) recording the strongest growth.The number of loans to owner occupier first home buyers rose 5.2 per cent in August, the strongest rise this year. Compared to August 2018, the number of owner occupier first home buyer loan commitments were up 8.0 per cent.Personal finance commitments fell 2.2 per cent in August following a 3.8 per cent fall in July and was down 12.9 per cent on August 2018.In trend terms, the value of new lending commitments to businesses fell 2.0 per cent in August and was down 5.3 per cent on August 2018.More information is available in Lending to Households and Businesses, Australia (cat no. 5601.0).