Key statistics
In January 2024, there were notable changes in new loan commitments (seasonally adjusted) across different categories:
a) Housing commitments decreased by 3.9%.
b) Personal fixed term loans saw an increase of 6.0%.
c) Business construction loans, which are known for their volatility, rose by 5.8% in seasonally adjusted terms and by 1.2% in trend terms.
d) Business purchase of property loans, another volatile series, surged by 16.9% in seasonally adjusted terms and by 1.0% in trend terms.
Value of new borrower-accepted loan commitments (seasonally adjusted)
Housing finance
In January 2024, the value of new loan commitments in seasonally adjusted terms showed the following changes:
a) Total housing commitments fell by 3.9% to $25.1 billion, following a 4.1% decline in December. This figure was 8.5% higher than the same period last year.
b) Owner-occupier housing commitments dropped by 4.6% to $15.9 billion, but were 3.4% higher than a year ago.
c) Investor housing commitments decreased by 2.6% to $9.2 billion, yet showed an 18.5% increase compared to a year ago.
In January 2024, the value of external refinancing in seasonally adjusted terms showed the following changes:
a) Total housing refinancing fell by 5.0% to $16.1 billion, marking a 19.5% decrease compared to a year ago.
b) Owner-occupier housing refinancing dropped by 7.4% to $10.3 billion, reflecting a 24.3% decline compared to a year ago.
c) Investor housing refinancing decreased by 0.5% to $5.8 billion, showing a 9.1% decrease compared to a year ago.
Personal finance
In January 2024, the value of external refinancing in seasonally adjusted terms showed the following changes:
a) Total housing refinancing fell by 5.0% to $16.1 billion, marking a 19.5% decrease compared to a year ago.
b) Owner-occupier housing refinancing dropped by 7.4% to $10.3 billion, reflecting a 24.3% decline compared to a year ago.
c) Investor housing refinancing decreased by 0.5% to $5.8 billion, showing a 9.1% decrease compared to a year ago.
Business finance
In January 2024 in seasonally adjusted terms, the value of new loan commitments:
a) for construction finance rose 5.8%, after a rise of 3.3% in December. In trend terms, it rose 1.2%.
b) for the purchase of property rose 16.9%, after a rise of 1.9% in December. In trend terms, it rose 1.0%.
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)
Value of new loan commitments by purpose (seasonally adjusted)
In January 2024, the value of new loan commitments in seasonally adjusted terms showed the following changes:
a) Commitments to owner-occupiers fell by 4.6%, following a 5.6% decline in December.
b) Commitments to investors decreased by 2.6%, after a 1.6% fall in December.
In January 2024, the value of new loan commitments for owner-occupier housing, in seasonally adjusted terms, showed the following changes:
a) Purchase of existing dwellings: Decreased by 5.2% but was 3.7% higher compared to a year ago.
b) Construction of new dwellings: Decreased by 3.2% and was 6.0% lower compared to a year ago.
c) Purchase of new dwellings: Decreased by 1.0% but was 3.4% higher compared to a year ago.
In January 2024, the value of new loan commitments for owner-occupier housing in seasonally adjusted terms showed varied changes across different states and territories:
a) Victoria: Fell by 9.1%
b) New South Wales: Fell by 6.3%
c) Queensland: Fell by 2.9%
d) Tasmania: Fell by 8.4%
e) South Australia: Fell by 1.3%
f) Northern Territory: Fell by 16.3%
g) Australian Capital Territory: Fell by 2.0%
h) Western Australia: Rose by 1.8%
It’s worth noting that the Tasmania, Northern Territory, and Australian Capital Territory series are smaller and typically more volatile.
In January 2024, the value of new loan commitments for investor housing in seasonally adjusted terms showed varied changes across different states and territories:
a) Victoria: Fell by 6.9%
b) Queensland: Fell by 1.6%
c) New South Wales: Fell by 0.1%
d) Australian Capital Territory: Fell by 1.4%
e) Tasmania: Fell by 1.0%
f) Western Australia: Rose by 1.2%
g) South Australia: Rose by 1.5%
h) Northern Territory: Rose by 28.6%
It’s worth noting that the Tasmania, Northern Territory, and Australian Capital Territory series are smaller and typically more volatile.
New loan commitments for investor housing (seasonally adjusted), values, by state
In January 2024, there were declines in the value of new loan commitments funded in the month:
a) New variable rate loan commitments fell by 16.3%.
b) New fixed rate loan commitments fell by 6.5%.
In January 2024, the average loan sizes for owner-occupier dwellings (including construction, purchase of new dwellings, and existing dwellings, excluding land, alterations, and additions) decreased by 1.5% at the national level, from $624,000 to $615,000.
First home buyers
In January 2024, the number of new loan commitments for owner-occupier first home buyers, in seasonally adjusted terms, showed the following changes:
a) At the national level, it fell by 6.9% to 8,707, following an 8.9% fall in December. It was 4.4% higher comparing to a year ago.
b) In New South Wales, it fell by 8.0%.
c) In Victoria, it fell by 5.3%.
d) In Western Australia, it fell by 5.9%.
e) In Queensland, it fell by 4.0%.
f) In South Australia, it fell by 10.3%.
g) In the Northern Territory, it fell by 28.2%.
h) In the Australian Capital Territory, it fell by 6.1%.
i) In Tasmania, it fell by 7.4%.
New loan commitments to owner-occupier first home buyers (original), number
READ MORE:
Home Loan Statistics December 2023 – Lending IndicatorsÂ
Home Loan Statistics November 2023 – Lending Indicators
New Home Loan Commitments Pick Up in January 2024
