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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Housing finance ex refis was weaker than expected in June falling 1% m/m after rising 5.4%, thus suggesting that the June decline was payback for the very strong May outcome. 3-month momentum strengthened and total loans improved to -18.2% y/y from -20.5%. Despite being down on a year ago, home loans are still robust up 28.1% compared to before the pandemic. The strength has been driven by lending to investors which stands 48.2% above February 2020 levels.
- The large amount of loans due to be refinanced at higher rates this year continues to be a key risk. In June refis were down 3.1% m/m but remained elevated and close to record highs at $20.2bn and up 12.6% y/y, according to the ABS.
- Owner-occupier loans ex refis fell 2.9% m/m but this followed an upwardly revised 5.1% in May. It now stands down 19.9% y/y up from -20.2%. Value of first time home buyer loans rose for the second consecutive month and is now down 8.1% y/y up from -15.1%, but it is still down 12.8% compared with pre-Covid as housing affordability deteriorates.
- Lending to investors ex refis rose 2.6% m/m after 5.9% in May and 3-month momentum rose to 31% saar. It is now down 15% y/y after -21.1%.
- Personal finance fell 6.8% m/m driven by a sharp drop in personal investment and a 2.7% decrease for vehicles but lending for travel rose 6.5%.
Australia total new housing loans ex refis %
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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