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Secured housing finance commitments to owner occupiers are shown in table 8.20, split by purpose and type of lender.
There were 555,006 lending commitments (totalling $75b) made by all lenders in 2000-01. The number of commitments in 2000-01 increased by 5,868 (or 10.7%) on the previous year, mainly due to strength in the June quarter (in which there were 157,809 commitments to lend). The value of all commitments over the year was down slightly (by $356m or 0.5%) on 1999-2000. The average borrowing size fell from $136,500 in 1999-2000 to $134,400 in 2000-01, due to a slump in the average size of borrowing in the September and December quarters. The average size of borrowing strengthened considerably into 2001.
Commitments for construction of dwellings fell to 52,987 in 2000-01 (down 30.0% on the previous year), although a recovery had commenced by the June quarter. Commitments for the purchase of newly erected dwellings fell more moderately, down 4.5% to 17,697. The number of commitments for the purchase of established dwellings (including refinancing) increased by 6.5% to 484,322.
The average size of commitments by banks fell for the year, down 2.7% to $135,400, in contrast to permanent building societies (up 2.5% to $119,400) and other lenders (up 5.9% to $133,400).
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 |
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CONSTRUCTION OF DWELLINGS |
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| Dwelling units - | | | | | |
| 1997-98 | no. | 63,325 | 3,732 | 7,160 | 74,217 |
| 1998-99 | no. | 62,464 | 3,787 | 7,238 | 73,489 |
| 1999-00 | no. | 65,673 | 3,276 | 6,733 | 75,682 |
| 2000-01 | no. | 44,127 | 2,755 | 6,105 | 52,987 |
| Value of commitments - | | | | | |
| 1997-98 | $m | 7,015 | 487 | 879 | 8,380 |
| 1998-99 | $m | 7,935 | 520 | 901 | 9,356 |
| 1999-00 | $m | 9,293 | 474 | 849 | 10,617 |
| 2000-01 | $m | 6,088 | 412 | 893 | 7,394 |
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PURCHASE OF NEWLY ERECTED DWELLINGS |
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| Dwelling units - | | | | | |
| 1997-98 | no. | 18,889 | 227 | 4,154 | 23,270 |
| 1998-99 | no. | 17,903 | 282 | 1,963 | 20,148 |
| 1999-00 | no. | 17,313 | 300 | 920 | 18,533 |
| 2000-01 | no. | 14,656 | 475 | 2,566 | 17,697 |
| Value of commitments - | | | | | |
| 1997-98 | $m | 2,402 | 28 | 477 | 2,907 |
| 1998-99 | $m | 2,482 | 37 | 282 | 2,802 |
| 1999-00 | $m | 2,666 | 48 | 127 | 2,841 |
| 2000-01 | $m | 2,322 | 55 | 361 | 2,738 |
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PURCHASE OF ESTABLISHED DWELLINGS(d) |
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| Dwelling units - | | | | | |
| 1997-98 | no. | 309,033 | 15,770 | 59,883 | 384,686 |
| 1998-99 | no. | 323,840 | 14,917 | 55,779 | 394,536 |
| 1999-00 | no. | 368,814 | 16,563 | 69,546 | 454,923 |
| 2000-01 | no. | 379,236 | 19,479 | 85,607 | 484,322 |
| Value of commitments - | | | | | |
| 1997-98 | $m | 34,883 | 1,618 | 6,874 | 43,375 |
| 1998-99 | $m | 41,089 | 1,677 | 6,577 | 49,342 |
| 1999-00 | $m | 50,919 | 1,825 | 8,750 | 61,495 |
| 2000-01 | $m | 50,893 | 2,244 | 11,327 | 64,465 |
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TOTAL |
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| Dwelling units - | | | | | |
| 1997-98 | no. | 391,247 | 19,729 | 71,197 | 482,173 |
| 1998-99 | no. | 404,207 | 18,986 | 64,980 | 488,173 |
| 1999-00 | no. | 451,800 | 20,139 | 77,199 | 549,138 |
| 2000-01 | no. | 438,019 | 22,709 | 94,278 | 555,006 |
| Value of commitments - | | | | | |
| 1997-98 | $m | 44,300 | 2,133 | 8,230 | 54,662 |
| 1998-99 | $m | 51,506 | 2,234 | 7,760 | 61,500 |
| 1999-00 | $m | 62,878 | 2,347 | 9,726 | 74,953 |
| 2000-01 | $m | 59,303 | 2,711 | 12,581 | 74,597 |
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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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