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5671.0 - Lending Finance, Australia, Jul 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/09/2008   
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SUMMARY OF FINDINGS


HOUSING FINANCE FOR OWNER OCCUPATION

The trend series for the total value of owner occupied housing commitments excluding alterations and additions decreased 2.6% and the seasonally adjusted series fell 0.1%.

For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 9 September 2008.


PERSONAL FINANCE

In trend terms, the value of total personal finance fell 0.5% in July 2008 compared with June 2008. This was due to a fall in fixed lending commitments (down 2.0%), while revolving credit commitments rose 0.6%.

In seasonally adjusted terms, the value of total personal finance commitments fell 0.5% in July 2008. This was due to a fall in fixed lending commitments (down 3.7%), while revolving credit commitments rose 2.1%.

In original terms, fixed lending commitments decreased by $221m (down 6.9%) in July 2008 compared with June 2008.

Movements in the original series contributing to this decrease were:

  • Refinancing, down $146m (18.8%)
  • Other, down $57m (7.0%)
  • Individual Residential Blocks of Land, down $40m (9.7%)


COMMERCIAL FINANCE

The trend series for the value of total commercial finance commitments fell 4.6% in July 2008 compared with June 2008. This was due to a fall in both fixed lending commitments (down 5.0%) and revolving credit commitments (down 4.0%).

The seasonally adjusted series for the value of total commercial finance commitments fell 1.8% in July 2008. This decrease was due to a fall in fixed lending commitments (down 3.2%), while revolving credit commitments rose 1.1%.

The value of purchases of dwellings by individuals for rent or resale (trend) fell 2.7% in July 2008, after a decrease of 3.3% in June 2008. The seasonally adjusted series fell by 2.8% in July 2008.

PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
Graph: PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE



LEASE FINANCE

The value of lease finance commitments (trend) fell 0.9% in July 2008, while the seasonally adjusted series fell 5.6%.


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