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5671.0 - Lending Finance, Australia, Mar 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/05/2008   
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SUMMARY OF FINDINGS


HOUSING FINANCE FOR OWNER OCCUPATION

The total value of owner occupied housing commitments excluding alterations and additions decreased 1.2% (trend) and the seasonally adjusted series fell 4.4%.

For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 12 May 2008.


PERSONAL FINANCE

In trend terms, the value of total personal finance fell 0.9% in March 2008 compared with February 2008. The trend series fell for revolving credit commitments (down 1.9%), while fixed lending commitments rose 0.3%.

In seasonally adjusted terms, the value of total personal finance commitments fell 11.5% in March 2008. This was due to a fall in both revolving credit commitments (down 19.4%) and fixed lending commitments (down 1.9%).

In original terms, fixed lending commitments decreased by $332m (down 9.9%) in March 2008 compared with February 2008.

Movements in the original series contributing to this decrease were:

  • Refinancing, down $104m (12.4%)
  • Total Motor Vehicles, down $90m (9.7%)
  • Other, down $57m (7.6%)


COMMERCIAL FINANCE

The trend series for the value of total commercial finance commitments fell 0.9% in March 2008 compared with February 2008. This was due to a fall in fixed lending commitments (down 1.7%), while revolving credit commitments rose 0.7%.

The seasonally adjusted series for the value of total commercial finance commitments fell 11.1% in March 2008. This decrease was due to a fall in fixed lending commitments (down 20.5%), while revolving credit commitments rose 7.0%.

The value of purchases of dwellings by individuals for rent or resale (trend) fell 2.4% in March 2008, after a decrease of 2.5% in February 2008. The seasonally adjusted series fell by 4.6% in March 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 0.6% in March 2008. The seasonally adjusted series for lease finance commitments fell by 1.5%.


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