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SUMMARY OF FINDINGS
Number of Owner Occupied Dwellings Financed The number of owner occupied housing commitments (seasonally adjusted) increased by 4.0% (up 2,553) in November 2007 compared with October 2007, following a decrease of 0.5% in October 2007. Increases were recorded in refinancing of established dwellings (up 1,867, 10.6%) and purchase of established dwellings excluding refinancing (up 865, 2.3%) partially offset by a decrease in purchase of new dwellings (down 198, 7.3%). Construction of dwellings remained virtually unchanged. The number of owner occupied housing commitments (trend) increased 0.2% in November 2007.
Number of Owner Occupied Dwellings Financed Excluding Refinancing The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 1.5% in November 2007 compared with October 2007, following an increase of 1.1% in October 2007. The trend recorded virtually no change in November 2007. PURPOSE OF FINANCE (OWNER OCCUPATION) Construction of dwellings The number of finance commitments for the construction of dwellings for owner occupation (seasonally adjusted) recorded virtually no change in November 2007 compared with October 2007, following an increase of 1.7% in October 2007. The trend rose 0.9% in November 2007. Purchase of new dwellings The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) fell by 7.3% in November 2007, following a decrease of 7.6% in October 2007. The trend series fell by 3.5% in November 2007; the fifth consecutive monthly decrease. Purchase of established dwellings (including refinancing) The number of finance commitments for the purchase of established dwellings for owner occupation (seasonally adjusted) rose by 4.9% in November 2007, following a decrease of 0.3% in October 2007. The trend series increased by 0.3% in November 2007. Refinancing The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose 10.6% in November 2007 compared with October 2007, following a decrease of 4.5% in October 2007. The trend series rose 0.7% in November 2007; the second consecutive monthly increase after 11 months of successive monthly decreases. TYPE OF LENDER (OWNER OCCUPATION) Banks The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 2.4% in November 2007 compared with October 2007, after an increase of 2.0% in October 2007. The trend series rose 0.9% in November 2007. Non-banks The number of owner occupied dwellings financed by non-banks (seasonally adjusted) increased by 12.0% in November 2007 compared with October 2007, after a decrease of 11.4% in October 2007. The trend series in the number of owner occupied dwellings financed by non-banks decreased by 2.9% in November 2007; the sixth consecutive monthly decrease. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (seasonally adjusted) has increased 12.7%, however the trend series has continued to decline (down 5.6%). HOUSING LOAN OUTSTANDINGS At the end of November 2007, the value of outstanding housing loans financed by authorised deposit-taking institutions was $691,812m, up $17,628m (2.6%) from the October 2007 closing balance. Owner occupied housing loans increased by $13,012m (2.9%) to $468,330m and investment housing loans increased by $4,616m (2.1%) to $223,482m.
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