Key statistics
In October 2023, new loan commitments (seasonally adjusted):
- rose 5.4% for housing
- rose 2.1% for personal fixed term loans
- rose 1.2% for business construction (a typically volatile series) and rose 0.3% in trend terms
- fell 4.7% for business purchase of property (a typically volatile series) but rose 0.9% in trend terms
Value of new borrower-accepted loan commitments (seasonally adjusted)
Housing finance
In October 2023, in seasonally adjusted terms, the value of new loan commitments:
- for total housing rose 5.4% to $26.7b, after a rise of 1.5% in September. It was 4.9% higher compared to a year ago.
- for owner-occupier housing rose 5.6% to $17.2b and was 1.4% higher compared to a year ago
- for investor housing rose 5.0% to $ 9.5b and was 12.1% higher compared to a year ago
In October 2023, in seasonally adjusted terms, the value of external refinancing:
- for total housing fell 7.0% to $17.4b and was 5.0% lower compared to a year ago
- for owner-occupier housing fell 9.8% to $11.4b and was 8.6% lower compared to a year ago
- for investor housing fell 1.0% to $6.0b but was 2.6% higher compared to a year ago
Personal finance
In October 2023, in seasonally adjusted terms, the value of new loan commitments:
- for fixed term personal finance rose 2.1%, after a rise of 3.0% in September
- for road vehicles rose 1.5%
- for personal investment rose 3.7%
Business finance
In October 2023, the value of new loan commitments displayed distinct trends:
- Seasonally adjusted figures showed a 1.2% increase for construction finance, following a notable 10.7% surge in September. However, in trend terms, there was a modest 0.3% uptick.
- Conversely, the seasonally adjusted value for property purchases declined by 4.7%, contrasting with a 5.7% growth observed in September. Yet, the trend data indicated a 0.9% increase.
It’s worth noting that these metrics can exhibit considerable fluctuations from month to month, primarily due to the influence of a limited number of high-value loans.
Housing finance (detailed)
Value of new loan commitments by purpose (seasonally adjusted)
Number of new loan commitments by purpose (seasonally adjusted)
In October 2023, in seasonally adjusted terms, the value of new loan commitments:
- for owner occupiers rose 5.6%, after a rise of 0.8% in September
- for investors rose 5.0%, after a rise of 2.8% in September
In October 2023, when analyzing the value of new loan commitments for owner-occupier housing in seasonally adjusted terms:
- The value for purchasing existing dwellings increased by 4.6%, marking a 5.2% rise from the previous year.
- Commitments for constructing new dwellings grew by 9.1%, yet showed a 19.5% decrease from the figures recorded a year prior.
- Meanwhile, the value associated with buying new dwellings saw a modest 1.7% uptick, but experienced a 5.3% decline compared to the same period last year.
When examining the value of new loan commitments for owner-occupier housing in various regions on a seasonally adjusted basis:
- Western Australia experienced a significant uptick of 16.8%.
- New South Wales saw a growth of 4.6%.
- Queensland recorded an increase of 4.5%.
- Victoria registered a modest rise of 2.0%.
- South Australia observed a 3.2% increase.
- Tasmania witnessed a substantial surge of 11.9%.
- The Northern Territory had a 6.1% increment.
- Conversely, the Australian Capital Territory saw a slight decline of 0.9%.
Tasmania, Northern Territory, and Australian Capital Territory figures can be more susceptible to fluctuations. It is because they are smaller and typically more volatile nature.
In October 2023, when assessing the value of new loan commitments for investor housing on a seasonally adjusted basis:
- New South Wales witnessed an uptick of 5.2%.
- Queensland experienced a growth of 4.5%.
- Western Australia saw an increase of 6.0%.
- Victoria recorded a rise of 2.2%.
- South Australia marked a substantial increase of 7.5%.
- Tasmania stood out with a notable surge of 29.4%.
- Conversely, the Australian Capital Territory faced a decline of 9.6%, while the Northern Territory decreased by 1.1%.
It’s pertinent to note that figures from Tasmania, Northern Territory, and the Australian Capital Territory can exhibit greater volatility due to their smaller size.
In original terms:
- the value of total new variable rate loan commitments funded in the month rose 6.4%
- the value of total new fixed rate loan commitments funded in the month fell 43.6% to the lowest point recorded in the series
In October 2023, when considering the average loan sizes for owner-occupier dwellings, encompassing construction and purchases of both new and existing properties but excluding land and alterations:
- Nationally, the average loan size increased by 1.9%, moving from $599k to $610k. However, this figure remained 1.2% below the peak observed at $618k in January 2022.
First home buyers
In October 2023, in seasonally adjusted terms for owner-occupier first home buyers, the number of new loan commitments:
- at the national level rose 5.1% to 9,781, after a rise of 1.0% in September. It was 6.8% higher compared to a year ago.
- in New South Wales rose 15.7%, in Tasmania rose 61.2%, in Victoria rose 2.5%, in Western Australia rose 4.5%, in the Northern Territory rose 30.6% and in the Australian Capital Territory rose 0.4%
- in Queensland fell 1.6% and in South Australia fell 0.5%
New loan commitments to owner-occupier first home buyers (original), number
