The first official data on lending since the country's federal election suggests the pace of credit growth continued to slow during May as finance for property investors hit an unprecedented annual low.

Lending to businesses and property buyers grew only marginally in May, while the fall in personal loans accelerated, statistics from the Reserve Bank suggest.

The numbers show overall private sector credit grew 0.2 per cent - meeting market expectations and matching April's result - and that mortgage credit growth slowed to 0.2 per cent in May from the previous month's 0.3 per cent. Credit to business rose 0.1 per cent and personal credit fell 0.6 per cent.

Commentators differ on whether the pace of lending will pick up in a major way after further rate cuts by the RBA. Credit:Louie Douvis

The financial aggregates data released by the RBA on Friday indicated the pace of overall credit slowed to 3.6 per cent over the past year, below market expectations of 3.7 per cent.