13/10/2014 - 14:40

Personal loans up but housing and commercial down

13/10/2014 - 14:40

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Housing finance for owner occupation fell 2 per cent in seasonally adjusted terms last month, according to the Australian Bureau of Statistics’ August figures.

Personal loans up but housing and commercial down
Australians are borrowing less for commercial purposes but more in personal loans.

Housing finance for owner occupiers fell 2 per cent in seasonally adjusted terms last month, according to the Australian Bureau of Statistics’ August figures.

More than $16.8 billion in loans from banks and other lenders were written for the month, with banks contracting substantially in raw terms from $16.7 billion in July to $15.1 billion.

Building societies and wholesale lenders also fell, but part of the fall was due to seasonal factors, the ABS said.

Personal finance moved in the other direction, with a month-on-month expansion of 5.2 per cent in seasonally adjusted terms, with revolving credit commitments leading the way, up by 5.9 per cent.

In raw terms, $8.3 billion was loaned for personal finance during the month.

Commercial finance, the most substantial lending item, was at a raw value of $38.7 billion, but fell 16.3 per cent in seasonally adjusted terms.

This was driven by a fall in fixed lending commitments of more than 18 per cent.

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