New loan commitments for housing rose 4.4% to a record high value of $32.8 billion in December according to ABS data.
The ABS Lending Indicators report showed the number of new loan commitments to owner-occupier first home buyers grew for the second consecutive month, up 1.3%.
The strongest rises in owner-occupier loan commitments were Victoria (up 5.2%), New South Wales (up 3.0%) and Western Australia (up 7.1%).
ABS' acting head of finance and wealth Amanda Seneviratne said December’s rise was driven by a 5.3% rise in the value of new owner-occupier loan commitments.
"This is the second consecutive monthly rise in owner-occupier lending and follows the falls seen from June 2021 through to October 2021," she said.
Loans to first home buyers also rose 1.3%, the second consecutive monthly rise after falls from February 2021 through to October 2021.
In Western Australia first home buyer loan commitments rose 11.8%; Queensland, 3.8%; Tasmania, 21.6%; Victoria, 1.0%; and South Australia, 0.6%.
Investor lending also rose 2.4%, reaching $10.3 billion in seasonally adjusted terms, surpassing the record set the previous month.
"Investor lending has seen growth over the past 14 months and accounted for around one third of the value of new housing loan commitments in December 2021," Ms Seneviratne said.
"The previous investor lending peak in April 2015 accounted for 46% of new housing loan commitments."
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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.
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| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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| Variable | More details | ||||||||||||
| QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS | Variable Home Loan (Principal and Interest)
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Variable Home Loan (Principal and Interest)
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| Variable | More details | ||||||||||||
| REFINANCE ONLY | Variable Rate Home Loan – Refinance Only
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Variable Rate Home Loan – Refinance Only
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| Variable | More details | ||||||||||||
| NO ONGOING FEESFREE REDRAW FACILITY | Live-in Variable Loan (Principal and Interest) (LVR < 90%)
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Live-in Variable Loan (Principal and Interest) (LVR < 90%)
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- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
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. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. 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 June 29, 2022. View disclaimer.
Image by Josh Cameron via Unsplash
