5671.0 - Lending Finance, Australia, Aug 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/10/2008   
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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 1.5% and the seasonally adjusted series fell 2.1%.

For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 8 October 2008.


PERSONAL FINANCE

In trend terms, the value of total personal finance fell 0.8% in August 2008 compared with July 2008. This was due to a fall in both fixed lending commitments (down 1.4%), and revolving credit commitments (down 0.3%).

In seasonally adjusted terms, the value of total personal finance commitments fell 5.2% in August 2008. This was due to a fall in revolving credit commitments (down 7.4%) and fixed lending commitments (down 2.3%).

In original terms, fixed lending commitments decreased by $350m (down 11.7%) in August 2008 compared with July 2008.

Movements in the original series contributing to this decrease were:

  • Other, down $95m (12.7%)
  • Refinancing, down $89m (14.1%)
  • Total motor vehicles, down $66m (7.7%)


COMMERCIAL FINANCE

The trend series for the value of total commercial finance commitments fell 2.1% in August 2008 compared with July 2008. This was due to a fall in both fixed lending commitments (down 3.1%) and revolving credit commitments (down 0.4%).

The seasonally adjusted series for the value of total commercial finance commitments fell 7.9% in August 2008. This decrease was due to a fall in fixed lending commitments (down 14.6%), while revolving credit commitments rose 4.2%.

The value of purchases of dwellings by individuals for rent or resale (trend) fell 1.4% in August 2008, after a decrease of 2.3% in July 2008. The seasonally adjusted series rose by 1.2% in August 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 August 2008, while the seasonally adjusted series fell 3.2%.