Refinancing remained at record highs in October

Media Release

Released

2/12/2022

Source

Lending indicators, October 2022

Release date and time

02/12/2022 11:30am AEDT

The value of total new loan commitments for housing fell 2.7 per cent in October 2022 (seasonally adjusted), while the value of owner-occupier refinancing between lenders fell 1.3 per cent, according to data released today by the Australian Bureau of Statistics (ABS).

Katherine Keenan, ABS Finance and Wealth Spokesperson, said: “Despite the October fall, monthly owner-occupier refinancing between lenders has remained above $12 billion since June 2022, well above pre-pandemic values. Investor refinancing activity has also remained high.

"The RBA cash rate increased 225 basis points between June and October 2022, which coincided with a greater number of borrowers seeking loans with lower interest rates from competing lenders.”

Refinancing (seasonally adjusted), Values, Australia
	Owner-occupier refinancing ($b)	Investor refinancing ($b)
Oct-04	2.465	0.735
Nov-04	2.515	0.707
Dec-04	2.613	0.76
Jan-05	2.696	0.709
Feb-05	2.826	0.759
Mar-05	2.965	0.737
Apr-05	3.061	0.771
May-05	3.102	0.873
Jun-05	3.039	0.916
Jul-05	3.117	0.914
Aug-05	3.103	0.929
Sep-05	3.236	0.941
Oct-05	3.181	0.942
Nov-05	3.209	0.922
Dec-05	3.16	1.204
Jan-06	3.041	0.848
Feb-06	3.195	0.99
Mar-06	3.157	0.895
Apr-06	3.176	1.064
May-06	3.302	0.78
Jun-06	3.392	0.827
Jul-06	3.497	0.833
Aug-06	3.555	0.892
Sep-06	3.552	0.905
Oct-06	3.611	0.851
Nov-06	3.627	0.903
Dec-06	3.488	0.943
Jan-07	3.487	1.063
Feb-07	3.461	1.161
Mar-07	3.386	1.086
Apr-07	3.535	1.135
May-07	3.459	1.054
Jun-07	3.486	1.035
Jul-07	3.173	1.058
Aug-07	3.418	1.063
Sep-07	3.407	1.105
Oct-07	3.251	1.138
Nov-07	3.438	1.224
Dec-07	3.606	1.184
Jan-08	3.671	1.269
Feb-08	3.624	1.27
Mar-08	3.503	1.188
Apr-08	3.384	1.212
May-08	3.194	1.142
Jun-08	3.148	1.013
Jul-08	3.131	1.23
Aug-08	3.129	1.173
Sep-08	2.836	1.258
Oct-08	3.127	1.343
Nov-08	3.226	1.356
Dec-08	3.523	1.511
Jan-09	3.401	1.534
Feb-09	3.146	1.583
Mar-09	3.448	1.661
Apr-09	3.471	1.604
May-09	3.444	1.565
Jun-09	3.386	1.49
Jul-09	3.215	1.386
Aug-09	3.001	1.383
Sep-09	2.939	1.31
Oct-09	2.926	1.242
Nov-09	2.821	1.248
Dec-09	2.756	1.023
Jan-10	2.586	0.987
Feb-10	2.669	0.856
Mar-10	2.648	0.829
Apr-10	2.603	0.828
May-10	2.635	0.941
Jun-10	2.72	0.916
Jul-10	2.817	0.914
Aug-10	2.911	0.916
Sep-10	2.928	0.921
Oct-10	3.019	1
Nov-10	3.075	0.999
Dec-10	3.413	1.02
Jan-11	3.205	0.926
Feb-11	2.977	0.95
Mar-11	2.935	1.032
Apr-11	3.176	1.061
May-11	3.39	1.166
Jun-11	3.361	1.147
Jul-11	3.542	1.211
Aug-11	3.642	1.224
Sep-11	3.634	1.261
Oct-11	3.549	1.209
Nov-11	3.524	1.21
Dec-11	3.723	1.322
Jan-12	3.728	1.373
Feb-12	3.694	1.469
Mar-12	3.684	1.533
Apr-12	3.614	1.299
May-12	3.572	1.424
Jun-12	3.489	1.496
Jul-12	3.406	1.481
Aug-12	3.435	1.59
Sep-12	3.404	1.599
Oct-12	3.486	1.535
Nov-12	3.454	1.643
Dec-12	3.388	1.551
Jan-13	3.431	1.675
Feb-13	3.435	1.648
Mar-13	3.573	1.635
Apr-13	3.648	1.725
May-13	3.754	1.666
Jun-13	3.908	1.711
Jul-13	3.808	2.656
Aug-13	3.642	2.509
Sep-13	3.913	2.811
Oct-13	3.875	2.942
Nov-13	3.938	3.004
Dec-13	3.864	3.025
Jan-14	3.901	2.993
Feb-14	4.213	3.118
Mar-14	3.961	3.164
Apr-14	4.045	3.332
May-14	4.08	3.362
Jun-14	4.17	3.434
Jul-14	4.28	3.557
Aug-14	4.261	3.541
Sep-14	4.288	3.759
Oct-14	4.408	3.987
Nov-14	4.466	3.96
Dec-14	4.606	4.082
Jan-15	4.714	4.03
Feb-15	4.954	4.106
Mar-15	5.005	4.296
Apr-15	5.213	4.177
May-15	4.977	4.254
Jun-15	5.316	3.819
Jul-15	5.424	3.501
Aug-15	5.464	3.336
Sep-15	5.743	3.062
Oct-15	5.909	3.079
Nov-15	6.09	3.154
Dec-15	6.47	3.245
Jan-16	6.053	3.28
Feb-16	6.025	3.341
Mar-16	6.22	3.211
Apr-16	6.198	3.224
May-16	6.05	3.294
Jun-16	6.038	3.636
Jul-16	6.092	3.588
Aug-16	5.769	3.654
Sep-16	6.043	3.535
Oct-16	5.807	3.19
Nov-16	5.676	3.401
Dec-16	5.575	3.439
Jan-17	5.772	3.34
Feb-17	5.408	3.3
Mar-17	5.413	3.365
Apr-17	5.31	3.22
May-17	5.338	3.413
Jun-17	5.24	3.456
Jul-17	5.147	3.455
Aug-17	5.258	3.75
Sep-17	5.301	3.382
Oct-17	5.341	3.136
Nov-17	5.545	3.446
Dec-17	5.72	3.563
Jan-18	5.808	3.815
Feb-18	5.761	4.003
Mar-18	5.555	3.672
Apr-18	5.636	3.791
May-18	5.644	3.564
Jun-18	5.286	3.414
Jul-18	5.737	3.385
Aug-18	5.619	3.389
Sep-18	5.358	3.348
Oct-18	5.581	3.448
Nov-18	5.534	3.44
Dec-18	5.377	3.284
Jan-19	5.213	3.207
Feb-19	5.343	3.191
Mar-19	5.266	3.233
Apr-19	5.186	3.19
May-19	5.213	3.2
Jun-19	4.773	3.216
Jul-19	5.276	3.095
Aug-19	5.586	3.441
Sep-19	6.08	3.716
Oct-19	6.075	3.776
Nov-19	6.297	3.882
Dec-19	6.518	3.879
Jan-20	6.968	3.897
Feb-20	7.224	3.949
Mar-20	6.848	3.849
Apr-20	7.526	4.13
May-20	9.447	4.746
Jun-20	8.738	4.711
Jul-20	6.804	3.735
Aug-20	6.859	4.037
Sep-20	7.984	4.78
Oct-20	7.551	4.619
Nov-20	6.406	4.002
Dec-20	7.154	4.238
Jan-21	7.99	4.409
Feb-21	8.906	4.814
Mar-21	8.567	4.59
Apr-21	8.978	4.805
May-21	9.654	5.049
Jun-21	9.971	5.252
Jul-21	10.983	5.68
Aug-21	10.699	6.214
Sep-21	10.295	5.87
Oct-21	10.491	5.775
Nov-21	10.647	5.673
Dec-21	10.733	5.508
Jan-22	9.692	5.33
Feb-22	10.784	5.419
Mar-22	11.09	5.565
Apr-22	11.385	5.358
May-22	11.691	5.508
Jun-22	12.363	5.539
Jul-22	12.305	5.513
Aug-22	12.501	6.066
Sep-22	12.353	5.68
Oct-22	12.189	5.652

Refinancing (seasonally adjusted), Values, Australia

["","Owner-occupier refinancing","Investor refinancing"]

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Ms Keenan said: “The value of new owner-occupier loan commitments fell 2.9 per cent in October, while the value of new investor loan commitments fell 2.2 per cent. This month’s fall continued the decline from record high levels seen earlier this year, although commitments remain above pre-pandemic levels.”

New loan commitments, total housing (seasonally adjusted), Values, Australia
	Total (ex. refinancing) ($b)	Owner occupier (ex. refinancing) ($b)	Investor (ex. refinancing) ($b)
Oct-04	11.977	7.416	4.561
Nov-04	12.579	7.692	4.887
Dec-04	12.952	7.933	5.019
Jan-05	13.211	8.098	5.113
Feb-05	13.838	8.496	5.342
Mar-05	13.509	8.216	5.293
Apr-05	13.25	8.087	5.163
May-05	12.746	8.025	4.721
Jun-05	12.637	8.152	4.484
Jul-05	12.843	8.085	4.758
Aug-05	12.897	8.308	4.589
Sep-05	13.529	8.643	4.886
Oct-05	14.037	8.715	5.322
Nov-05	14.058	8.851	5.207
Dec-05	14.035	8.878	5.157
Jan-06	14.256	8.956	5.301
Feb-06	14.432	9.18	5.252
Mar-06	14.538	9.268	5.271
Apr-06	14.799	9.463	5.336
May-06	15.204	9.493	5.711
Jun-06	15.495	9.516	5.979
Jul-06	15.283	9.79	5.493
Aug-06	15.002	9.492	5.51
Sep-06	14.161	9.169	4.992
Oct-06	14.333	9.276	5.057
Nov-06	14.206	9.232	4.974
Dec-06	14.587	9.401	5.186
Jan-07	14.957	9.579	5.378
Feb-07	15.402	9.768	5.634
Mar-07	15.918	10.081	5.837
Apr-07	16.308	10.269	6.04
May-07	17.116	10.695	6.421
Jun-07	18.248	11.341	6.907
Jul-07	17.417	10.785	6.632
Aug-07	17.435	11.056	6.379
Sep-07	16.75	10.441	6.31
Oct-07	16.875	10.771	6.104
Nov-07	16.995	10.661	6.335
Dec-07	16.548	10.363	6.185
Jan-08	16.874	10.781	6.093
Feb-08	15.689	9.913	5.776
Mar-08	14.561	9.146	5.414
Apr-08	13.862	8.697	5.165
May-08	12.996	8.2	4.796
Jun-08	12.945	8.199	4.746
Jul-08	12.781	8.133	4.648
Aug-08	12.619	7.961	4.659
Sep-08	12.975	8.245	4.729
Oct-08	13.398	8.562	4.835
Nov-08	13.038	8.545	4.493
Dec-08	13.927	9.378	4.548
Jan-09	14.885	10.226	4.659
Feb-09	15.364	10.781	4.582
Mar-09	16.71	11.971	4.74
Apr-09	17.024	11.925	5.1
May-09	16.856	11.83	5.026
Jun-09	17.202	11.97	5.232
Jul-09	17.221	11.774	5.447
Aug-09	17.328	11.63	5.699
Sep-09	17.877	12.173	5.705
Oct-09	17.614	11.804	5.81
Nov-09	17.074	11.09	5.985
Dec-09	16.491	10.607	5.884
Jan-10	15.941	10.11	5.831
Feb-10	15.666	9.793	5.873
Mar-10	15.552	9.602	5.95
Apr-10	15.269	9.363	5.906
May-10	15.416	9.434	5.981
Jun-10	15.113	9.122	5.99
Jul-10	15.04	9.289	5.751
Aug-10	14.617	9.227	5.389
Sep-10	14.626	9.147	5.479
Oct-10	14.656	9.158	5.497
Nov-10	14.707	9.323	5.384
Dec-10	15.032	9.451	5.581
Jan-11	14.152	9.01	5.142
Feb-11	14.062	8.872	5.19
Mar-11	13.625	8.828	4.798
Apr-11	13.995	8.998	4.996
May-11	14.235	9.088	5.147
Jun-11	14.136	9.095	5.04
Jul-11	14.082	9.033	5.049
Aug-11	14.167	9.037	5.13
Sep-11	13.94	8.803	5.138
Oct-11	13.861	8.86	5.001
Nov-11	14.038	8.955	5.083
Dec-11	14.728	9.405	5.324
Jan-12	14.771	9.398	5.374
Feb-12	14.077	8.677	5.401
Mar-12	14.092	8.704	5.388
Apr-12	14.347	8.924	5.423
May-12	14.505	9.109	5.396
Jun-12	14.733	9.248	5.485
Jul-12	14.777	9.28	5.497
Aug-12	14.872	9.44	5.432
Sep-12	15.101	9.496	5.605
Oct-12	14.907	9.385	5.522
Nov-12	15.186	9.432	5.755
Dec-12	15.372	9.528	5.843
Jan-13	15.892	9.794	6.098
Feb-13	16.135	9.875	6.261
Mar-13	16.885	10.354	6.531
Apr-13	16.932	10.296	6.636
May-13	17.231	10.431	6.8
Jun-13	17.297	10.475	6.822
Jul-13	17.477	10.517	6.96
Aug-13	17.358	10.233	7.124
Sep-13	18.21	10.763	7.448
Oct-13	18.695	10.896	7.799
Nov-13	19.228	11.179	8.049
Dec-13	19.004	10.953	8.052
Jan-14	19.179	11.186	7.993
Feb-14	19.366	11.443	7.923
Mar-14	19.491	11.381	8.11
Apr-14	19.575	11.312	8.264
May-14	19.5	11.227	8.273
Jun-14	19.636	11.39	8.247
Jul-14	19.817	11.284	8.533
Aug-14	19.626	10.972	8.653
Sep-14	20.008	11.118	8.89
Oct-14	20.593	11.427	9.166
Nov-14	20.049	10.95	9.099
Dec-14	20.478	11.38	9.099
Jan-15	20.701	11.529	9.172
Feb-15	20.104	11.282	8.822
Mar-15	21.258	11.735	9.523
Apr-15	21.811	11.777	10.033
May-15	20.329	11.144	9.185
Jun-15	21.122	11.986	9.136
Jul-15	21.18	12.334	8.845
Aug-15	21.702	13.215	8.487
Sep-15	20.957	13.566	7.391
Oct-15	20.024	13.145	6.879
Nov-15	19.649	12.988	6.661
Dec-15	19.584	12.889	6.696
Jan-16	19.116	12.508	6.608
Feb-16	19.354	12.735	6.619
Mar-16	19.1	12.443	6.657
Apr-16	19.587	12.716	6.87
May-16	19.997	12.78	7.217
Jun-16	20.202	12.692	7.51
Jul-16	20.085	12.438	7.647
Aug-16	19.894	12.321	7.572
Sep-16	20.786	12.463	8.323
Oct-16	21.206	12.621	8.585
Nov-16	21.512	12.696	8.816
Dec-16	21.975	13.054	8.922
Jan-17	22.174	13.179	8.995
Feb-17	21.721	13.188	8.533
Mar-17	22.602	13.721	8.881
Apr-17	22.632	13.866	8.767
May-17	22.093	13.791	8.302
Jun-17	22.094	13.945	8.15
Jul-17	22.134	14.247	7.887
Aug-17	22.396	14.464	7.932
Sep-17	22.134	14.32	7.815
Oct-17	21.675	14.142	7.533
Nov-17	21.532	14.132	7.4
Dec-17	21.159	14.001	7.158
Jan-18	21.122	14.187	6.936
Feb-18	21.104	14.183	6.922
Mar-18	20.411	13.831	6.58
Apr-18	20.164	13.768	6.397
May-18	20.694	14.19	6.503
Jun-18	20.297	13.984	6.313
Jul-18	20.227	13.923	6.303
Aug-18	19.453	13.389	6.063
Sep-18	18.701	12.848	5.853
Oct-18	18.95	13.261	5.689
Nov-18	17.851	12.485	5.366
Dec-18	16.922	11.792	5.129
Jan-19	16.546	11.641	4.904
Feb-19	17.006	12.131	4.875
Mar-19	16.443	11.648	4.796
Apr-19	16.441	11.707	4.733
May-19	16.307	11.585	4.722
Jun-19	16.536	11.806	4.729
Jul-19	17.043	12.171	4.872
Aug-19	17.873	12.623	5.25
Sep-19	18.131	13.023	5.109
Oct-19	18.69	13.509	5.181
Nov-19	19.43	14.031	5.399
Dec-19	19.536	14.139	5.397
Jan-20	19.612	14.289	5.322
Feb-20	19.035	13.883	5.151
Mar-20	19.133	14.164	4.97
Apr-20	18.202	13.33	4.872
May-20	16.264	12.137	4.126
Jun-20	17.234	12.814	4.42
Jul-20	19.068	14.397	4.671
Aug-20	21.342	16.354	4.988
Sep-20	22.779	17.389	5.389
Oct-20	23.24	17.875	5.365
Nov-20	24.155	18.571	5.584
Dec-20	25.491	19.488	6.003
Jan-21	28.003	21.57	6.433
Feb-21	28.477	21.658	6.819
Mar-21	29.712	22.027	7.684
Apr-21	30.495	22.579	7.916
May-21	31.688	22.869	8.82
Jun-21	31.322	22.408	8.914
Jul-21	31.801	22.524	9.277
Aug-21	31.399	21.773	9.626
Sep-21	31.162	21.108	10.053
Oct-21	31.113	20.725	10.388
Nov-21	32.435	21.712	10.723
Dec-21	32.826	21.97	10.856
Jan-22	33.351	22.159	11.192
Feb-22	32.497	21.286	11.211
Mar-22	32.488	21.151	11.338
Apr-22	31.474	20.442	11.033
May-22	31.402	20.6	10.802
Jun-22	30.381	20.07	10.312
Jul-22	28.437	19.061	9.376
Aug-22	27.706	18.568	9.138
Sep-22	26.498	17.68	8.818
Oct-22	25.786	17.165	8.622

New loan commitments, total housing (seasonally adjusted), Values, Australia

["","Total (ex. refinancing)","Owner occupier (ex. refinancing)","Investor (ex. refinancing)"]

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The number of new loan commitments to owner-occupier first home buyers fell 3.2 per cent in October 2022, after a revised fall of 4.0 per cent in September. First home buyer loans in October were 47 per cent below the January 2021 peak and similar to 2019 levels.

		Aus *	NSW	Vic	Qld	SA	WA	Tas	NT	ACT
Owner-occupiers
	Value ($b) :	17.2	5.3	5.1	3.2	1.0	1.8	0.3	0.1	0.4
	Value % change ** :	-2.9	-3.4	-2.1	-3.3	-3.2	1.5	-5.6	-3.0	-10.5
Owner-occupier first home buyers
	Number % change ** :	-3.2	-1.7	-4.1	-1.3	-1.9	0.0	-14.6 †	-8.1	-2.3
Investors
	Value % change ** :	-2.2	-0.1	-1.1	-7.8	-3.0	-0.9	-0.2	1.6	2.6

* 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 fixed term personal finance fell 0.5 per cent in October 2022. This was driven by a 3.8 per cent fall in lending for the purchase of road vehicles.

More information is available in Lending Indicators, Australia.

Media notes

Month-on-month movements are noted above in percentage terms but, where contrasted against each other, ordered in largest to smallest value terms (e.g. state and territory movements).
When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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APA

Citation

Refinancing remained at record highs in October

APA

Citation

Personal Finance

Media notes

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