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Secured housing finance commitments to owner occupiers is shown in table 8.20, split by purpose and type of lender.
The 2001-02 financial year saw very strong growth in housing finance commitments after a weak 2000-01. The upturn began during the June quarter of 2001, and continued into 2001-02. A total of 630,764 commitments were made by all lenders in 2001-02, with a value of $96,482m. The number of commitments grew by 14% in 2001-02 over the previous year, while the value of commitments grew by 30%, taking the average loan size from $134,300 in 2000-01 to $153,000 in 2001-02.
The recovery in construction finance commitments (already evident in the June quarter of 2001) gathered considerable strength throughout 2001, then weakened somewhat in the first half of 2002. Nevertheless, there was a 46% increase (or 24,580 commitments) in the number of construction finance commitments in 2001-02 over the previous financial year. Following a relatively moderate fall in the commitments to purchase new dwellings in 2000-01, there was a strong increase (of 14% or 2,563 commitments) in 2001-02.
The number of commitments for the purchase of established dwellings (including refinancing) continued to grow, increasing by 10.2% (or 49,325 commitments) in 2001-02.
The growth in bank commitments (9%) was far exceeded by the growth in commitments by permanent building societies (up 18%) and other lenders (up 33%). The average loan size for banks, however, increased more sharply, rising to $155,300 in 2001-02, while the average loan sizes for building societies and other lenders were $132,300 and $148,400 respectively.
8.20 SECURED HOUSING FINANCE COMMITMENTS(a), By purpose and type of lender(b)
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| | | Type of lender | |
| | |
| |
| | Units | Banks | Permanent
building
societies | Other
lenders(c) | Total |
|
CONSTRUCTION OF DWELLINGS |
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Dwelling units | | | | | |
| 1998-99 | no. | 62,464 | 3,787 | 7,238 | 73,489 |
| 1999-2000 | no. | 65,673 | 3,276 | 6,733 | 75,682 |
| 2000-01 | no. | 44,127 | 2,755 | 6,105 | 52,987 |
| 2001-02 | no. | 66,009 | 3,697 | 7,861 | 77,567 |
Value of commitments | | | | | |
| 1998-99 | $m | 7,935 | 520 | 901 | 9,356 |
| 1999-2000 | $m | 9,293 | 474 | 849 | 10,617 |
| 2000-01 | $m | 6,088 | 412 | 893 | 7,394 |
| 2001-02 | $m | 9,873 | 548 | 1,111 | 11,532 |
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PURCHASE OF NEWLY ERECTED DWELLINGS |
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Dwelling units | | | | | |
| 1998-99 | no. | 17,903 | 282 | 1,963 | 20,148 |
| 1999-2000 | no. | 17,313 | 300 | 920 | 18,533 |
| 2000-01 | no. | 14,656 | 475 | 2,566 | 17,697 |
| 2001-02 | no. | 16,823 | 283 | 3,154 | 20,260 |
Value of commitments | | | | | |
| 1998-99 | $m | 2,482 | 37 | 282 | 2,802 |
| 1999-2000 | $m | 2,666 | 48 | 127 | 2,841 |
| 2000-01 | $m | 2,322 | 55 | 361 | 2,738 |
| 2001-02 | $m | 3,029 | 39 | 444 | 3,511 |
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PURCHASE OF ESTABLISHED DWELLINGS(d) |
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Dwelling units | | | | | |
| 1998-99 | no. | 323,840 | 14,917 | 55,779 | 394,536 |
| 1999-2000 | no. | 368,814 | 16,563 | 69,546 | 454,923 |
| 2000-01 | no. | 378,526 | 19,479 | 85,607 | 483,612 |
| 2001-02 | no. | 395,758 | 22,918 | 114,261 | 532,937 |
Value of commitments | | | | | |
| 1998-99 | $m | 41,089 | 1,677 | 6,577 | 49,342 |
| 1999-2000 | $m | 50,919 | 1,825 | 8,750 | 61,495 |
| 2000-01 | $m | 50,722 | 2,244 | 11,327 | 64,293 |
| 2001-02 | $m | 61,427 | 2,971 | 17,040 | 81,439 |
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TOTAL |
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Dwelling units | | | | | |
| 1998-99 | no. | 404,207 | 18,986 | 64,980 | 488,173 |
| 1999-2000 | no. | 451,800 | 20,139 | 77,199 | 549,138 |
| 2000-01 | no. | 437,309 | 22,709 | 94,278 | 554,296 |
| 2001-02 | no. | 478,590 | 26,898 | 125,276 | 630,764 |
Value of commitments | | | | | |
| 1998-99 | $m | 51,506 | 2,234 | 7,760 | 61,500 |
| 1999-2000 | $m | 62,878 | 2,347 | 9,726 | 74,953 |
| 2000-01 | $m | 59,132 | 2,711 | 12,581 | 74,424 |
| 2001-02 | $m | 74,329 | 3,558 | 18,595 | 96,482 |
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(a) Excludes alterations and additions.
(b) Caution should be exercised in using these statistics to calculate market share because, while all banks and permanent building societies are selected, only a sample of other lenders are selected.
(c) Includes wholesale lenders n.e.c.
(d) Includes refinancing. |
Source: ABS data available on request, Survey of Housing Finance for Owner Occupation. |
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