New owner-occupier loans increased 2.5% in August

Media Release

The number of new owner-occupier loan commitments for dwellings rose 2.5 per cent in August 2023, but remained 12.3 per cent lower compared to last year, according to data released today by the Australian Bureau of Statistics (ABS).

Mish Tan, ABS head of finance statistics, said: “Since February 2023, the number of new owner‑occupier loans appears to have returned to levels seen before the COVID-19 pandemic began, well below the peak in January 2021.”

The number of refinanced owner-occupier loan commitments between lenders fell 5.4 per cent to 26,539, after reaching an all-time high last month.

“Since November 2022, the number of refinanced loans has been above the number of new owner‑occupier loan commitments. Refinancing has remained at unprecedented levels as households continued to seek better loans amid a high interest rate environment,” Ms Tan said.

The value of new owner-occupier loan commitments grew in all states and territories except the Australian Capital Territory.

Housing finance loan commitments by property purpose and state – August 2023
 Value ($b) :
 Value change ($m):40710617689112783719-12
 Value % change ** :
 Value change ($m):136445-7823102-3-6-16
 Value % change ** :

* Total Australia levels do not necessarily equal the sum of states, due to independent seasonal adjustment

** All movements are on a month-to-month basis

† A smaller and more volatile series

Personal finance

The value of new loan commitments for total fixed term personal finance rose 6.1 per cent to $2.5 billion. This was driven by a 5.9 per cent ($81 million) rise in lending for the purchase of road vehicles.

More information is available in Lending Indicators, Australia.

Media notes

  • First home buyers – The number and value of new loan commitments to first home buyers has not been published this month due to data reporting issues. These series are temporarily suspended while the ABS and APRA work with data providers to resolve the issues as soon as possible. Please take caution when using the previous 12 months of first home buyer data.
  • All figures are seasonally adjusted unless noted otherwise.
  • Lending Indicators reverted to concurrent seasonal adjustment in the October 2022 release. This method of seasonal adjustment will result in revisions to historical data each month. For more information, see the methodology page.
  • When reporting ABS data, you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
  • For media requests and interviews, please contact the ABS Media Team via between 8:30am and 5pm AEDT Monday to Friday.
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