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MNI BRIEF: RBA Rate Hikes Weigh On Home Lending In August

MNI (PERTH)
MNI (Perth)
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The Reserve Bank of Australia's cumulative 225bps of rate hikes since May continue to weigh on the property market, with the value of new housing loan commitments falling 3.4% m/m to AUD27.4 billion in August, according to the Australian Bureau of Statistics. It was the second straight month that housing loan commitments were below AUD30 billion following a fall of 8.5% in July. The value of new owner-occupier loans fell 2.7% in August, while new investor loans dropped 4.8%. Owner-occupier and investor loans are 36% and 70% higher, respectively, than February 2020.

First home buyer commitments rose 10.4%, the largest rise since August 2020, as buyers sought to take advantage of the 2022-23 First Home Guarantee.

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The Reserve Bank of Australia's cumulative 225bps of rate hikes since May continue to weigh on the property market, with the value of new housing loan commitments falling 3.4% m/m to AUD27.4 billion in August, according to the Australian Bureau of Statistics. It was the second straight month that housing loan commitments were below AUD30 billion following a fall of 8.5% in July. The value of new owner-occupier loans fell 2.7% in August, while new investor loans dropped 4.8%. Owner-occupier and investor loans are 36% and 70% higher, respectively, than February 2020.

First home buyer commitments rose 10.4%, the largest rise since August 2020, as buyers sought to take advantage of the 2022-23 First Home Guarantee.

Keep reading...Show less