Home Loan Statistics: December 2023 (Lending Indicators)

Key statistics

In December 2023, new loan commitments (seasonally adjusted):

fell 4.1% for housing
fell 2.4% for personal fixed-term loans
rose 3.3% for business construction (a typically volatile series) and rose 0.9% in trend terms
rose 1.0% for business purchase of property (a typically volatile series) but was flat in trend terms

Housing finance

December 2023 in seasonally adjusted terms, the value of new loan commitments:

Firstly, for total housing fell 4.1% to $26.3b, after a rise of 0.7% in November. It was 11.7% higher comparing to a year ago.
Secondly, owner-occupier housing fell 5.6% to $16.8b but was 7.4% higher compared to a year ago
Lastly, investor housing fell 1.3% to $9.5b but was 20.4% higher compared to a year ago

Personal Finance

In December 2023 in seasonally adjusted terms, the value of new loan commitments:

Generally, fixed term personal finance fell 2.4%, after a fall of 6.0% in November
for road vehicles fell 4.9%
Finally, personal investment rose 7.1%

Business Finance

In December 2023 in seasonally adjusted terms, the value of new loan commitments:

Overall, construction finance rose 3.3%, after a fall of 4.7% in November. In trend terms, it rose 0.9%.
For the purchase of property rose 1.0%, after a fall of 7.5% in November. In trend terms, it was flat.

These series can have volatile month-to-month movements in seasonally adjusted terms as they are strongly affected by small numbers of high-value loans.

Housing finance (detailed)

In December 2023 in seasonally adjusted terms, the value of new loan commitments:

Accordingly, owner occupiers fell 5.6%, after a rise of 0.3% in November
to investors fell 1.3%, after a rise of 1.4% in November

In December 2023 in seasonally adjusted terms for owner-occupier housing, the value of new loan commitments:

the purchase of existing dwellings fell 6.6% but was 9.1% higher comparing to a year ago
the construction of new dwellings fell 0.5% and was 7.4% lower comparing to a year ago
the purchase of new dwellings fell 2.5% but was 1.9% higher comparing to a year ago

Seasonally adjusted terms for owner-occupier housing, the value of new loan commitments In December 2023:

in New South Wales fell 4.1%, in Queensland fell 5.8%, in Victoria fell 2.6%, in South Australia fell 6.2%, in the Australian Capital Territory fell 11.5%, in Western Australia fell 2.5% and in the Northern Territory fell 5.5%
in Tasmania rose 3.3%

The Tasmania, Northern Territory, and Australian Capital Territory series are smaller and typically more volatile.

In December 2023 in seasonally adjusted terms for investor housing, the value of new loan commitments:

in Queensland fell 2.8%, in New South Wales fell 0.9%, in the Australian Capital Territory fell 7.3%, in South Australia fell 2.8%, in Victoria fell 0.6% and in the Northern Territory fell 19.3%
in Western Australia rose 5.6% and in Tasmania rose 4.6%

The Tasmania, Northern Territory, and Australian Capital Territory series are smaller and typically more volatile.

In December 2023, in original terms:

the value of new variable rate loan commitments funded in the month fell 5.3%
the value of new fixed-rate loan commitments funded in the month fell by 1.8%

In December 2023, in original terms, average loan sizes for owner-occupier dwellings (including construction, purchase of new dwellings and existing dwellings, excluding land, alterations and additions):

rose 2.6% at the national level from $608k to a new record high of $624k

First home buyers

In December 2023 in seasonally adjusted terms for owner-occupier first home buyers, the number of new loan commitments:

at the national level fell 8.4% to 9,491, after a rise of 4.0% in November. It was 12.9% higher when you compare to a year ago.
in Queensland fell 14.1%, in Victoria fell 3.7%, in Western Australia fell 6.3%, in New South Wales fell 3.7% and in the Australian Capital Territory fell 14.6%
in South Australia rose 2.6%, in Tasmania rose 5.6% and in the Northern Territory rose 5.8%

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