Home Loan Statistics: February 2024 (Lending Indicators)

Key statistics

In February 2024, new loan commitments (seasonally adjusted):

a) rose 1.5% for housing

b) fell 0.9% for personal fixed-term loans

c) rose 31.4% for business construction (a typically volatile series) and rose 2.5% in trend terms

d) fell 4.7% for business purchase of property (a typically volatile series) and rose 1.3% in trend terms

Value of new borrower-accepted loan commitments (seasonally adjusted)

Housing finance

For February 2024 in seasonally adjusted terms, the value of new loan commitments:

a) for total housing rose 1.5% to $26.4b, after a fall of 0.8% in January. It was 13.3% higher compared to a year ago.

b) for owner-occupier housing rose 1.6% to $16.9b and was 9.1% higher compared to a year ago

c) for investor housing rose 1.2% to $9.5b and was 21.5% higher compared to a year ago

When it comes to February 2024, in seasonally adjusted terms, the value of external refinancing:

a) In February 2024, total housing refinancing increased by 3.0% to $16.6 billion, yet it fell by 17.9% compared to a year ago.

b) Refinancing for owner-occupier housing rose by 3.5% to $10.7 billion but was 22.9% lower than a year ago.

c) Refinancing for investor housing grew by 2.1% to $5.9 billion but decreased by 7.2% compared to a year ago.

Personal finance

February 2024, in seasonally adjusted terms, new loan commitments showed the following changes:

a) Fixed term personal finance commitments fell by 0.9% following a 5.9% rise in January.

b) Commitments for road vehicles fell by 2.7%.

c) Commitments for personal investment rose by 6.2%.

Business finance

In February 2024, in seasonally adjusted terms, new loan commitments showed significant changes:

a) Construction finance commitments surged by 31.4%, following a 5.9% increase in January. In trend terms, it increased by 2.5%.

b) Commitments for the purchase of property declined by 4.7%, after a 16.9% rise in January. In trend terms, it increased by 1.3%.

These series can experience volatile month-to-month movements in seasonally adjusted terms due to the influence of a small number of high-value loans.

Housing finance (detailed)

Number of new loan commitments by purpose (seasonally adjusted)

For February 2024, in seasonally adjusted terms, the value of new loan commitments showed the following changes:

a) Commitments to owner-occupiers increased by 1.6% following a 0.9% fall in January.

b) Commitments to investors rose by 1.2% after a 0.8% decrease in January.

In February 2024, in seasonally adjusted terms, new loan commitments for owner-occupier housing showed the following changes:

a) Commitments for the purchase of existing dwellings rose by 1.7% and were 9.0% higher compared to a year ago.

b) Commitments for the construction of new dwellings fell by 2.1% and were 0.8% lower compared to a year ago.

c) Commitments for the purchase of new dwellings rose by 4.9% and were 13.1% higher compared to a year ago.

February 2024, in seasonally adjusted terms for owner-occupier housing, the value of new loan commitments showed the following changes:

a) Queensland rose by 7.4%

b) New South Wales rose by 3.4%

c) Australian Capital Territory rose by 10.6%

d) Tasmania rose by 9.4%

e) Northern Territory rose by 4.1%

f) Victoria rose by 0.04%

g) Western Australia fell by 3.3%

h) South Australia fell by 1.0%

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

February 2024, in seasonally adjusted terms for investor housing, the value of new loan commitments showed the following changes:

a) New South Wales rose by 1.5%

b) Queensland rose by 2.6%

c) Australian Capital Territory rose by 4.8%

d) Western Australia rose by 0.6%

e) Victoria fell by 2.1%

f) South Australia fell by 3.8%

g) Tasmania fell by 3.0%

h) Northern Territory fell by 4.8%

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

In original terms, February 2024, the value of new variable rate loan commitments funded in the month rose by 1.0%, while the value of new fixed rate loan commitments funded in the month fell by 37.3%.

In February 2024, in original terms, average loan sizes for owner-occupier dwellings (including construction, purchase of new dwellings, and existing dwellings, excluding land, alterations, and additions) dropped by 2.7% at the national level, from $615k to $599k.