That's according to the latest Lending Indicators data from the Australian Bureau of Statistics (ABS), which shows the increase was largely driven by investment lending. 

New loan commitments for investors were up 8.1% month-to-month, or $4.4 billion, compared to owner-occupied housing which increased by 5.5% ($13 billion). 

On a yearly basis, owner-occupied housing is up by 8.7%, while investment housing commitments are down 6.1% (seasonally-adjusted). 

The number of owner occupier first home buyer loan commitments rose 3.3% on a monthly basis to 9,616 and is up an impressive 19.5% year-on-year, meaning first home buyers now account for 31.3% of all owner occupier commitments (excluding refinancing). 

ABS Chief Economist Bruce Hockman attributed the rise in housing loan commitments to the easing of COVID-19 restrictions in May around auctions, open houses and general personal mobility. 

“Despite the rebound in lending activity, the value of housing loan commitments in June was down over 10% compared to March after large falls in April and May,”
Mr Hockman said.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner-occupiers.

Lender

VariableMore details
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
VariableMore details
Refinance OnlyApply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Home Loan – Refinance Only

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
VariableMore details
  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)

Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)

  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of December 8, 2023. View disclaimer.

Victoria sees fall - before COVID lockdowns struck 

June's housing recovery after May's historic falls was driven by pretty much every state except Victoria, which according to IFM Economist Alex Joiner, could underscore the likelihood of ongoing property market weakness in Melbourne. 

Each state bar-Victoria recorded either a large or modest increase in both investor and owner-occupier housing growth month-month, with the exception of Canberra: 

  • NSW posted a 9.5% and 13.7% growth in OO and investor housing respectively 
  • Queensland posted 19.5% and 15.1%
  • The ACT recorded 1.9% growth in OO housing but -5.8% in investment 
  • The Northern Territory posted a massive 45.7% growth in investment purchases and 19.4% in OO housing 

Victoria, on the other hand, saw a -5.8% decline in housing finance overall in June, with OO housing declining by 8.6% and investor housing recording a modest rise of 2.7%. 

However, these figures have happened before the worst of the state's COVID-19 outbreak occurred in July, and with new Stage 4 lockdowns coming into play in August, future results are likely to be even bleaker. 

[Read: One in ten home loans now deferred]

Commonwealth Bank Economists Kristina Clifton and Nicolas Guesnon said in an analysis of the results that while growth in June was strong, the reinstatement of stage 4 shutdowns in Victoria are likely to weigh on new home lending over coming months.  

"We do not see this month’s data as a turning point in home lending," they said. 

"Refinancing activity pulled back in June but still remains very strong. The uncertain economic backdrop seems to be prompting borrowers to find the best deal that they can on their home loans."

Buying an investment property or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for investors.

Lender

VariableMore details
Refinance OnlyApply In Minutes
  • A low-rate variable investment home loan from a 100% online lender. Backed by the Commonwealth Bank.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Investment Loan – Refinance Only

  • A low-rate variable investment home loan from a 100% online lender. Backed by the Commonwealth Bank.
VariableMore details

Athena – Straight Up Investor - Obliterate (LVR < 50%) (Principal and Interest)

    Important Information and Comparison Rate Warning

    Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of December 8, 2023. View disclaimer.





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