According to the latest figures released by the Australian Bureau of Statistics (ABS), the value of new lending commitments to households rose 3.2% in August 2019 (seasonally adjusted).
August is the third straight month for a rise in new lending commitments to households, following a 4.3% rise in July and a 1.8% rise in June 2019. Strong refinancing activity was seen for the second month in a row as new lending commitments for investment dwellings recorded the strongest monthly growth since September 2016.
The value of new lending commitments for owner occupier dwellings rose 1.9% nationally in August, with rises in all states and territories apart from the Northern Territory. New lending commitments for investment dwellings rose 5.7% in August, with Queensland recording the strongest growth of 10.4% and Victoria up 9.5%.
The number of loans to owner occupier first home buyers rose 5.2% in August, making it the strongest rise this year. Compared to August 2018, the number of owner occupier first home buyer loan commitments were up 8.0%.
Personal finance commitments fell 2.2% in August following a 3.8% fall in July. This was also down 12.9% on August 2018.
In trend terms, the value of new lending commitments to businesses fell 2.0% in August and was down 5.3% on August 2018.