5671.0 - Lending Finance, Australia, Oct 2008  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 15/12/2008   
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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 0.3%, while the seasonally adjusted series rose 2.4%.

For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 10 December 2008.


PERSONAL FINANCE

In trend terms, the value of total personal finance decreased 0.9% in October 2008 compared with September 2008. This was due to falls in both revolving credit commitments (down 1.1%) and fixed lending commitments (down 0.6%).

In seasonally adjusted terms, the value of total personal finance commitments decreased 2.1% in October 2008. This was due to falls in both revolving credit commitments (down 3.1%) and fixed lending commitments (down 0.9%).

In original terms, fixed lending commitments increased by $61m (up 2.2%) in October 2008 compared with September 2008.

Movements in the original series contributing to this increase were:

  • Refinancing, up $72m (12.4%)
  • Debt consolidation, up $19m (6.5%)
  • Total motor vehicles, down $17m (2.0%)


COMMERCIAL FINANCE

The trend series for the value of total commercial finance commitments increased 0.4% in October 2008 compared with September 2008. This was due to rises in both revolving credit commitments (up 0.6%) and fixed lending commitments (up 0.3%).

The seasonally adjusted series for the value of total commercial finance commitments decreased 3.0% in October 2008. This was due to falls in both revolving credit commitments (down 5.3%) and fixed lending commitments (down 1.8%).

The value of purchases of dwellings by individuals for rent or resale (trend) increased 0.7% in October 2008, after an increase of 0.3% in September 2008. The seasonally adjusted series rose by 2.6% in October 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) decreased 1.5% in October 2008, while the seasonally adjusted series increased 3.7%.