The rise in March comes after February's fall of 3.5% after reaching a record high of $33.9 billion in January, according to data released today from the Australian Bureau of Statistics (ABS).
Rises in the value of owner-occupier loan commitments were reported in all states and territories, while investor lending rose 2.9%.
The average owner occupier home loan value (including construction and the purchase of new and existing dwellings) rose $7,000 to $600,000.
ABS head of Finance and Wealth Amanda Seneviratne said following falls in January and February, the number of new loan commitments to owner-occupier first home buyers rose 4.2%, but still remains significantly lower than last year.
"Owner-occupier lending was 32.8% lower than the near record high a year ago," she said.
"Reduced first home buyer lending over the past year partly reflects an unwinding of COVID-19 related incentives such as HomeBuilder."
"The value of new investor loan commitments reached a record high of $11.7 billion in March and was the key contributor to the rise in the value of new housing loan commitments."
With the exception of February 2022, the value of investor loan commitments has had monthly increases since November 2020.
In March, increases were reported for all states and territories with high proportional increases in Queensland (6.7%), South Australia (8.5%), Western Australia (5.9%), the Australian Capital territory (14.9%) and the Northern Territory (32.4%).
First home buyers
In March 2022, the number of new loan commitments rose 4.2% at the national level for owner-occupier first home buyers (seasonally adjusted).
New South Wales rose 12.5%, Queensland rose 5.9%, Western Australia rose 6.5%, Australian Capital Territory rose 44.2%, in Victoria rose 1.1%, in the Northern Territory rose 19.6%, and in South Australia rose 0.5%, while Tasmania fell 3.2%.
Personal finance loan commitments
The value of new loan commitments for fixed term personal finance fell 0.4% (-$10 million), ending consecutive monthly rises from September 2021. This was driven by a 2.2% fall in commitments for the purchase of road vehicles (-$29 million).
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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
