SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The total value of owner occupied housing commitments excluding alterations and additions decreased 0.2% (trend) and the seasonally adjusted series fell 6.0%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 14 April 2008.
In trend terms, the value of total personal finance rose 1.4% in February 2008 compared with January 2008. The trend series rose for both revolving credit commitments (up 1.6%) and fixed lending commitments (up 1.0%).
In seasonally adjusted terms, the value of total personal finance commitments rose 0.9% in February 2008. This was due to a rise in revolving credit commitments (up 2.4%), while fixed lending commitments fell 0.8%.
In original terms, fixed lending commitments increased by $249m (up 8.0%) in February 2008 compared with January 2008.
Movements in the original series contributing to this increase were:
- Refinancing, up $121m (16.9%)
- Debt Consolidation, up $70m (22.7%)
- Total Motor Vehicles, up $21m (2.3%)
The trend series for the value of total commercial finance commitments rose 0.9% in February 2008 compared with January 2008. This was due to a rise in fixed lending commitments (up 1.7%), while revolving credit commitments fell 0.7%.
The seasonally adjusted series for the value of total commercial finance commitments fell 10.4% in February 2008. This decrease was due to a fall in both fixed lending commitments (down 13.8%) and revolving credit commitments (down 2.8%).
The value of purchases of dwellings by individuals for rent or resale (trend) fell 1.2% in February 2008, after a decrease of 1.3% in January 2008. The seasonally adjusted series fell by 4.5% in February 2008.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (trend) showed no movement in February 2008. The seasonally adjusted series for lease finance commitments fell by 4.4%.