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5671.0 - Lending Finance, Australia, May 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 14/07/2008   
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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 3.7% and the seasonally adjusted series fell 5.7%.

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


PERSONAL FINANCE

In trend terms, the value of total personal finance fell 2.5% in May 2008 compared with April 2008. This was due to a fall in both fixed lending commitments (down 3.2%) and revolving credit commitments (down 1.9%).

In seasonally adjusted terms, the value of total personal finance commitments fell 7.8% in May 2008. This was due to a fall in both fixed lending commitments (down 11.9%) and revolving credit commitments (down 4.5%).

In original terms, fixed lending commitments decreased by $169m (down 5.5%) in May 2008 compared with April 2008.

Movements in the original series contributing to this decrease were:

  • Refinancing, down $90m (13.1%)
  • Individual Residential Blocks of Land, down $64m (16.0%)
  • Debt Consolidation, down $15m (4.5%)


COMMERCIAL FINANCE

The trend series for the value of total commercial finance commitments fell 6.9% in May 2008 compared with April 2008. This was due to a fall in both fixed lending commitments (down 8.3%) and revolving credit commitments (down 4.2%).

The seasonally adjusted series for the value of total commercial finance commitments rose 3.2% in May 2008. This increase was due to a rise in both revolving credit commitments (up 7.2%) and fixed lending commitments (up 1.1%).

The value of purchases of dwellings by individuals for rent or resale (trend) fell 3.7% in May 2008, after a decrease of 4.1% in April 2008. The seasonally adjusted series fell by 7.9% in May 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 1.6% in May 2008. The seasonally adjusted series for lease finance commitments fell 7.1%.


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