Key statistics
In March 2024, new loan commitments (seasonally adjusted):
- rose 3.1% for housing
- rose 3.9% for personal fixed term loans
- fell 41.9% for business construction (a typically volatile series) but rose 1.7% in trend terms
- fell 3.0% for business purchase of property (a typically volatile series) but rose 1.0% in trend terms
Value of new borrower-accepted loan commitments (seasonally adjusted)
| Mar-2024 ($b) | Month percent change (%) | Year percent change (%) | |||
|---|---|---|---|---|---|
| Households | |||||
| Housing | 27.64 | 3.1 | 17.9 | ||
| Owner Occupier (a) | 17.48 | 2.8 | 11.4 | ||
| Investor (a) | 10.17 | 3.8 | 31.1 | ||
| Personal | |||||
| Fixed term loans | 2.55 | 3.9 | 20.1 | ||
| Businesses | |||||
| Construction | 1.92 | -41.9 | -19.0 | ||
| Purchase of Property | 5.84 | -3.0 | 16.9 | ||
- Loan commitments for owner occupier, investor housing and personal fixed term loans exclude refinancing.
In February 2024, new loan commitments across housing finance showed steady growth in Australia. Seasonally adjusted figures highlighted rising demand in both owner-occupier and investor lending, alongside shifts in refinancing and personal finance.
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Total housing loan commitments rose 3.1% to $27.6 billion, following a 1.9% increase in January. Year-on-year, this was 17.9% higher.
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Owner-occupier housing loans climbed 2.8% to $17.5 billion, up 11.4% compared to February 2023.
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Investor housing loans surged 3.8% to $10.2 billion, marking a 31.1% year-on-year increase.
👉 Learn more about different loan options in our guide to home loans in Australia.
Refinancing Activity in February 2024
Despite rising commitments, external refinancing fell in February 2024:
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Total housing refinancing dropped 2.5% to $16.0 billion, down 24.9% year-on-year.
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Owner-occupier refinancing decreased 3.1% to $10.3 billion, 27.8% lower than February 2023.
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Investor refinancing slipped 1.4% to $5.7 billion, representing a 19.0% decline year-on-year.
For more insights, see our full guide on refinancing your mortgage.
Personal Finance Loan Commitments
In addition to housing finance, personal loans also rose in February 2024:
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Fixed-term personal finance loans grew 3.9%, reversing January’s decline.
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Loans for road vehicles rose 4.3%, showing strong consumer demand.
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Personal investment loans increased 1.2%.
For details on managing personal borrowing, read our guide on personal loans explained.
Business Finance Outlook
Business finance also contributes to Australia’s broader lending landscape. While February’s focus was on housing and personal finance, business loans remain a key indicator of economic activity.
Key Takeaways
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February 2024 new loan commitments highlight strong growth in housing finance.
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Investor lending continues to outpace owner-occupier growth.
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Refinancing activity is trending down, as borrowers secure longer-term loans.
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Personal finance lending is on the rise, especially for vehicles and investments.
In March 2024 in seasonally adjusted terms, the value of new loan commitments:
- for construction finance fell 41.9%, after a rise of 34.5% in February. In trend terms, it rose 1.7%.
- for the purchase of property fell 3.0%, after a fall of 4.4% in February. In trend terms, it rose 1.0%.
These series can have volatile month-to-month movements in seasonally adjusted terms as they are strongly affected by small numbers of high value loans.
Housing finance (detailed)
Value of new loan commitments by purpose (seasonally adjusted)
| Mar-2024 ($b) | Month percent change (%) | Year percent change (%) | |||
|---|---|---|---|---|---|
| Owner occupier | |||||
| Total housing (a) | 17.48 | 2.8 | 11.4 | ||
| Construction of dwellings | 1.64 | 3.2 | 4.3 | ||
| Purchase of newly erected dwellings | 0.97 | -5.1 | 5.6 | ||
| Purchase of existing dwellings | 13.58 | 3.5 | 12.5 | ||
| First home buyers | 5.19 | 4.4 | 17.9 | ||
| Investor | |||||
| Total housing (a) | 10.17 | 3.8 | 31.1 | ||
Number of new loan commitments by purpose (seasonally adjusted)
| Mar-2024 (No.) | Month percent change (%) | Year percent change (%) | |||
|---|---|---|---|---|---|
| Owner occupier | |||||
| Total housing (a) | N/A | N/A | N/A | ||
| Construction of dwellings | 2 740 | 3.1 | 1.6 | ||
| Purchase of newly erected dwellings | 1 641 | -4.4 | 1.7 | ||
| Purchase of existing dwellings | 21 971 | 2.9 | 7.9 | ||
| First home buyers | 9 918 | 4.5 | 9.9 | ||
| Investor | |||||
| Total housing (a) | N/A | N/A | N/A | ||
Housing includes loan commitments for dwellings, purchase of residential land and for alterations and additions.
- There is no seasonally adjusted or trend data available for the number of owner occupiers or investors for total housing as the data was collected from July 2019.
In March 2024 in seasonally adjusted terms, the value of new loan commitments:
- to owner occupiers rose 2.8%, after a rise of 1.5% in February
- to investors rose 3.8%, after a rise of 2.5% in February
New loan commitments for housing by purpose (seasonally adjusted), monthly growth in value, Australia
In March 2024 in seasonally adjusted terms for owner-occupier housing, the value of new loan commitments:
- for the purchase of existing dwellings rose 3.5% and was 12.5% higher compared to a year ago
- for the construction of new dwellings rose 3.2% and was 4.3% higher compared to a year ago
- for the purchase of new dwellings fell 5.1% but was 5.6% higher compared to a year ago
New loan commitments for owner occupier housing by purpose (seasonally adjusted), values, Australia
- For periods prior to July 2019, statistics on owner occupier commitments for residential land are modelled using data about the total value of commitments for residential land.
- Users can hide/unhide series in the graph by clicking the legend above (e.g. toggle the “purchase of existing dwellings” series for a closer look at the other purposes of owner occupier lending).
In March 2024 in seasonally adjusted terms for owner-occupier housing, the value of new loan commitments:
- in Queensland rose 5.6%, in New South Wales rose 2.4%, in Western Australia rose 6.3%, in Victoria rose 2.0%, in Tasmania rose 17.8%, in South Australia rose 2.8% and in the Northern Territory rose 13.6%
- in the Australian Capital Territory fell 19.2%
The Tasmania, Northern Territory, and Australian Capital Territory series are smaller and typically more volatile.
New loan commitments for owner occupier housing (seasonally adjusted), values, by state
In March 2024 in seasonally adjusted terms for investor housing, the value of new loan commitments:
- in New South Wales rose 6.2%, in Queensland rose 6.2%, in Western Australia rose 5.3%, in South Australia rose 3.6%, in the Northern Territory rose 14.3%, in Victoria rose 0.2%, in Tasmania rose 2.2% and in the Australian Capital Territory rose 0.7%
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 March 2024, in original terms:
- the value of new variable rate loan commitments funded in the month rose 12.0%
- the value of new fixed rate loan commitments funded in the month rose 9.0%
Fixed vs variable rate loans funded (a) in the month, including refinancing (original), value, Australia
- A loan is considered funded once any portion of the funds is made available for the borrower to draw down according to the terms of the contract. This will occur after there is a borrower-accepted commitment to provide finance. Due to this timing difference, the value of loans funded in the month shown in this graph will generally not reconcile with the value of new borrower-accepted commitments for the month shown in the other graphs and download tables.
In March 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):
- rose 1.6% at the national level from $599k to $608k
First home buyers
In March 2024 in seasonally adjusted terms for owner-occupier first home buyers, the number of new loan commitments:
- at the national level rose 4.5% to 9,918, following a 5.4% rise in February. It was 9.9% higher compared to a year ago.
- in Victoria rose 5.8%, in Queensland rose 4.2%, in Western Australia rose 2.8%, in Tasmania rose 12.9% and in the Australian Capital Territory rose 1.6%
- in South Australia fell 5.9%, in New South Wales fell 0.5% and in the Northern Territory fell 14.5%
The Tasmania, Northern Territory, and Australian Capital Territory series are smaller and typically more volatile.
Additional information
New loan commitments to owner-occupier first home buyers (original), number
| First home buyer loan commitments Number |
First home buyer ratio (a) – Dwellings (b) |
First home buyer ratio – Housing (c) |
|
|---|---|---|---|
| Total Australia | 9 418 | 36.7% | 31.2% |
| New South Wales | 2 344 | 36.0% | 30.6% |
| Victoria | 2 859 | 40.0% | 35.1% |
| Queensland | 1 889 | 33.1% | 27.2% |
| South Australia | 558 | 32.8% | 26.8% |
| Western Australia | 1 307 | 38.8% | 32.6% |
| Tasmania | 159 | 31.2% | 26.4% |
| Northern Territory | 55 | 32.5% | 29.9% |
| Australian Capital Territory | 247 | 45.7% | 41.4% |
a. The ratios in the table above are calculated against overall owner-occupier loans, including both OO FHB and OO non-FHB loans. They are not calculated against all housing loans, which would also include investor lending.
b. Dwellings includes loan commitments for construction of dwellings, purchase of newly erected dwellings and purchase of existing dwellings.
c. Housing includes loan commitments for dwellings, purchase of residential land and for alterations and additions.
