5671.0 - Lending Finance, Australia, Feb 2007  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 13/04/2007   
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SUMMARY OF FINDINGS


HOUSING FINANCE FOR OWNER OCCUPATION

The total value of owner-occupied housing commitments excluding alterations and additions increased by 0.9% (seasonally adjusted), while the trend series rose 0.8%.


For further information, please refer to Housing Finance, Australia (cat. no. 5609.0).



PERSONAL FINANCE

In seasonally adjusted terms, the value of total personal finance commitments rose by 0.4% in February 2007 compared with January 2007. This increase was due to a rise in both fixed lending commitments (up 0.9%) and revolving credit commitments (up 0.1%).


In trend terms, the value of total personal finance commitments rose 0.7% in February 2007. The trend series for revolving credit commitments rose 1.3%, while fixed lending commitments remained virtually unchanged for the third consecutive month.


In original terms, fixed lending commitments increased by $150m (up 5.6%) in February 2007 compared with January 2007.


Movements in the original series contributing to this increase were:

  • Other, up $86m (12.5%),
  • Individual residential blocks of land, up $49m (14.6%) and
  • Debt consolidation, up $31m (11.4%).


COMMERCIAL FINANCE

The seasonally adjusted series for the value of total commercial finance commitments rose by 15.6% in February 2007. This increase was due to a rise in revolving credit commitments (up 60.2%) while fixed lending commitments fell (down 2.6%).


The trend series for the value of total commercial finance commitments increased 3.1% in February 2007. This increase was due to a rise in both revolving credit commitments (up 5.7%) and fixed lending commitments (up 1.8%).


The value of purchases of dwellings by individuals for rent or resale (seasonally adjusted) rose by 6.2% in February 2007, after a revised increase of 5.9% in January 2007. The trend series rose 2.4% in February 2007.

PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
Graph: Purchase of Dwellings by Individuals for Rent or Sale




LEASE FINANCE

The value of lease finance commitments (seasonally adjusted) increased by 24.1% in February 2007. The trend series for lease finance commitments rose by 0.5%.