SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The total value of owner occupied housing commitments excluding alterations and additions increased 0.3% (trend) and the seasonally adjusted series rose 2.0%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0).
PERSONAL FINANCE
In trend terms, the value of total personal finance fell 0.1% in November 2007 compared with October 2007. The trend series fell in revolving credit commitments (down 0.4%), offset by an increase in fixed lending commitments (up 0.4%).
In seasonally adjusted terms, the value of total personal finance commitments fell 0.3% in November 2007. This decrease was due to a fall in revolving credit commitments (down 1.3%), offset by a rise in fixed lending commitments (up 1.0%).
In original terms, fixed lending commitments increased by $179m (up 5.6%) in November 2007 compared with October 2007.
Movements in the original series contributing to this decrease were:
- Refinancing, up $104m (14.9%)
- Other, up $68m (8.6%)
- Debt consolidation, up $21m (6.5%)
COMMERCIAL FINANCE
The trend series for the value of total commercial finance commitments rose 0.3% in November 2007 compared with October 2007. This was due to a rise in revolving credit commitments (up 1.0%), partially offset by a fall in fixed lending commitments (down 0.1%).
The seasonally adjusted series for the value of total commercial finance commitments rose by 8.1% in November 2007. This increase was due to a rise in fixed lending commitments (up 12.9%) and revolving credit commitments (up 0.7%).
The value of purchases of dwellings by individuals for rent or resale (trend) fell 1.6% in November 2007, after a decrease of 1.6% in October 2007. The seasonally adjusted series remained virtually unchanged in November 2007.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
LEASE FINANCE
The value of lease finance commitments (trend) increased by 2.8% in November 2007. The seasonally adjusted series for lease finance commitments rose by 1.9%.