Owner-occupier loans rose 10.1% through the year to November
The value of new owner-occupier loan commitments for dwellings rose 10.1 per cent through the year to November 2023, while the number of these commitments rose 7.3 per cent, according to data released today by the Australian Bureau of Statistics (ABS).
Mish Tan, ABS head of finance statistics, said: “November saw continued growth in the value and number of new owner-occupier dwelling loan commitments, which rose 0.1 per cent and 1.0 per cent in the month respectively.”
The value of total new investor loan commitments rose 1.9 per cent in November and was 18.0 per cent higher compared to a year ago.
“The growth in owner-occupier and investor lending seen through 2023 was driven by the three states with the largest populations. For both owner-occupiers and investors, New South Wales saw the most growth,” Dr Tan said.
The number of new owner-occupier first home buyer loan commitments rose 3.5 per cent in November 2023 and was 20.3 per cent higher compared to a year ago. The value of these commitments rose 2.8 per cent in the month and was 25.8 per cent higher compared to a year ago.
The number of refinanced owner-occupier loan commitments between lenders rose 4.2 per cent to 21,482 in the month. The record high of 28,132 was in July 2023. The November level was close to that seen in March 2022, just prior to the Reserve Bank commencing a series of cash rate rises.
| Aus * | NSW | Vic | Qld | SA | WA | Tas | NT | ACT | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Owner-occupiers | ||||||||||
| Value ($b) : | 17.9 | 5.5 | 5.1 | 3.5 | 1.1 | 1.9 | 0.2 | 0.09 | 0.4 | |
| Value change ($m): | 83 | -59 | 102 | 113 | 68 | -56 | -39 | 5 | 36 | |
| Value % change ** : | 0.5 | -1.1 | 2.0 | 3.3 | 6.9 | -2.9 | -15.2 † | 6.0 | 9.4 | |
| Owner-occupier first home buyers | ||||||||||
| Number change: | 354 | -121 | 38 | 189 | 22 | 64 | -75 | -1 | 36 | |
| Number % change ** : | 3.5 | -4.8 | 1.2 | 10.8 | 3.5 | 4.7 | -34.1 † | -1.4 | 14.2 † | |
| Investors | ||||||||||
| Value change ($m): | 180 | -52 | 50 | 70 | 31 | 4 | -11 | 2 | 33 | |
| Value % change ** : | 1.9 | -1.4 | 2.2 | 3.7 | 6.1 | 0.5 | -11.8 † | 6.9 | 18.4 † | |
* 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 fell 5.6 per cent to $2.4 billion. This was driven by a fall of 5.4 per cent in lending for the purchase of road vehicles.
More information is available in Lending Indicators, Australia.
Media notes
- 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.
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