SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The trend series for the total value of owner occupied housing commitments excluding alterations and additions increased 0.8%, while the seasonally adjusted series fell 1.7%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 9 September 2009.
In trend terms, the value of total personal finance commitments increased 0.1% in July 2009 compared with June 2009. Fixed lending commitments rose 1.6%, offset by a fall in revolving credit commitments, down 1.4%.
In seasonally adjusted terms, the value of total personal finance commitments decreased 0.8% in July 2009. Fixed lending commitments fell 3.7%, while revolving credit commitments rose 2.3%.
In original terms, fixed lending commitments decreased 13.9% (down $568m ) in July 2009 compared with June 2009.
Movements in the original series contributing to this decrease were:
- Refinancing, down $374m (24.7%)
- Other, down $77m (9.3%)
- Individual residential blocks of land, down $67m (10.8%).
The trend series for the value of total commercial finance commitments decreased 2.2% in July 2009 compared with June 2009. Both revolving credit commitments and fixed lending commitments fell, down 3.2% and 1.7% respectively.
The seasonally adjusted series for the value of total commercial finance commitments decreased 1.0%. Fixed lending commitments fell 4.5%, substantially offset by a rise in revolving credit commitments up 6.8%.
The value of commitments for the purchase of dwellings by individuals for rent or resale (trend) increased 1.2% in July 2009, following a revised increase of 1.2% in June 2009. The seasonally adjusted series rose 0.1% in July 2009.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (trend) decreased 1.1% in July 2009. The seasonally adjusted series increased 30.0%.