Housing loan commitments fell in June but remained high

Media Release

Released

3/08/2021

Source

Lending indicators, June 2021

The value of new housing loan commitments fell 1.6 per cent in June 2021 (seasonally adjusted) but remained at an historically elevated level of $32.1 billion, according to statistics released today by the Australian Bureau of Statistics (ABS).

ABS head of Finance and Wealth, Katherine Keenan, said: “The value of new loan commitments for owner-occupier housing fell 2.5 per cent in June 2021. While this was the largest fall since May 2020, owner-occupier commitments remained 76 per cent higher compared to a year ago and 64 per cent higher than pre-COVID levels in February 2020.”

“The largest contribution to the fall in owner-occupier loan commitments was a fall of 17 per cent in the value of loan commitments for the construction of new dwellings. In addition to this, there was no growth in lending for the purchase of existing dwellings.”

“The fall in construction lending followed a period of rapid growth between July 2020 to February 2021 in which the value of loan commitments rose by 150 per cent. This strength continued to unwind after the reduction in January of the HomeBuilder grant and its subsequent closing in April.”

Value of new loan commitments to owner-occupiers, select subpurposes, Australia (seasonally adjusted)
	Total (ex. Refinancing)	Construction of dwellings	Purchase of existing dwellings
Jun-03	7.617	0.7684	5.789
Jul-03	7.8073	0.7997	5.8807
Aug-03	7.9855	0.7828	6.0439
Sep-03	8.0199	0.82	6.0207
Oct-03	8.0473	0.8285	5.9247
Nov-03	7.8577	0.8602	5.7379
Dec-03	7.4593	0.8196	5.4325
Jan-04	6.9977	0.7849	5.1089
Feb-04	7.0712	0.7683	5.1333
Mar-04	7.1708	0.7717	5.239
Apr-04	7.2405	0.7863	5.2795
May-04	7.2709	0.799	5.3209
Jun-04	7.2564	0.7678	5.3176
Jul-04	7.3205	0.7842	5.3762
Aug-04	7.3978	0.7803	5.4304
Sep-04	7.4195	0.7747	5.4709
Oct-04	7.429	0.7796	5.5122
Nov-04	7.6825	0.7888	5.7216
Dec-04	7.9021	0.7878	5.9376
Jan-05	8.1068	0.8021	6.1148
Feb-05	8.4912	0.8139	6.4913
Mar-05	8.2337	0.8423	6.2254
Apr-05	8.1468	0.814	6.0995
May-05	7.9772	0.8184	5.9139
Jun-05	8.1537	0.8061	6.1436
Jul-05	8.0797	0.8085	6.0642
Aug-05	8.2787	0.8066	6.2467
Sep-05	8.6349	0.8138	6.5299
Oct-05	8.7324	0.8156	6.6051
Nov-05	8.8575	0.8115	6.7472
Dec-05	8.9026	0.8355	6.726
Jan-06	8.966	0.8571	6.7626
Feb-06	9.1762	0.8646	6.9044
Mar-06	9.2981	0.8472	7.0269
Apr-06	9.2587	0.8491	6.9893
May-06	9.6417	0.8567	7.3288
Jun-06	9.5132	0.8959	7.1837
Jul-06	9.7693	0.9522	7.3841
Aug-06	9.5181	0.9368	7.1843
Sep-06	9.178	0.9046	6.9225
Oct-06	9.2927	0.9156	6.9909
Nov-06	9.2272	0.9188	6.9367
Dec-06	9.4297	0.9162	7.1375
Jan-07	9.5437	0.9322	7.1535
Feb-07	9.7657	0.9085	7.3835
Mar-07	10.0686	0.9244	7.6335
Apr-07	10.3216	0.9306	7.9063
May-07	10.6473	0.9355	8.1682
Jun-07	11.3559	0.9909	8.6974
Jul-07	10.7699	0.9581	8.2366
Aug-07	11.0181	0.9976	8.3791
Sep-07	10.5161	1.0272	7.9824
Oct-07	10.7382	1.0497	8.1989
Nov-07	10.6536	0.988	8.2153
Dec-07	10.3713	0.9919	8.0118
Jan-08	10.8049	0.9988	8.3367
Feb-08	9.8798	1.0026	7.5461
Mar-08	9.1379	0.9952	6.9788
Apr-08	8.7441	0.9614	6.589
May-08	8.168	0.9212	6.2089
Jun-08	8.1991	0.8879	6.1369
Jul-08	8.1361	0.873	6.1292
Aug-08	7.9795	0.8406	6.0754
Sep-08	8.2372	0.8335	6.2417
Oct-08	8.5389	0.8606	6.4823
Nov-08	8.6058	0.8391	6.4455
Dec-08	9.337	0.9163	7.0505
Jan-09	10.2334	1.0107	7.7308
Feb-09	10.7819	1.0542	8.1422
Mar-09	11.9609	1.1888	9.0522
Apr-09	11.9553	1.3059	8.9306
May-09	11.8221	1.3467	8.7769
Jun-09	11.9605	1.369	8.9268
Jul-09	11.7292	1.3792	8.6804
Aug-09	11.6443	1.4053	8.5329
Sep-09	12.1805	1.5046	8.9443
Oct-09	11.8195	1.6745	8.4232
Nov-09	11.09	1.5426	7.9838
Dec-09	10.617	1.4555	7.6742
Jan-10	10.1239	1.4016	7.3288
Feb-10	9.7936	1.3616	7.0223
Mar-10	9.5716	1.2694	6.9193
Apr-10	9.3595	1.1836	6.8013
May-10	9.4326	1.1384	6.9389
Jun-10	9.13	1.0869	6.681
Jul-10	9.2915	1.106	6.7784
Aug-10	9.2343	1.1251	6.781
Sep-10	9.1433	1.1022	6.6908
Oct-10	9.1756	1.0979	6.662
Nov-10	9.3207	1.1633	6.6731
Dec-10	9.4263	1.1324	6.8479
Jan-11	9.0155	1.0553	6.6323
Feb-11	8.8718	1.084	6.5878
Mar-11	8.8285	1.0536	6.5295
Apr-11	9.0041	1.0854	6.6381
May-11	9.081	1.1729	6.5275
Jun-11	9.0983	1.08	6.598
Jul-11	9.035	1.0836	6.625
Aug-11	9.0262	1.0593	6.5936
Sep-11	8.793	1.0816	6.3898
Oct-11	8.8645	1.0465	6.5279
Nov-11	8.9729	1.0832	6.5749
Dec-11	9.4057	1.0685	6.9519
Jan-12	9.3974	1.0889	6.9332
Feb-12	8.6669	1.1308	6.2579
Mar-12	8.711	1.0944	6.3312
Apr-12	8.9264	1.1119	6.4335
May-12	9.1062	1.1527	6.6161
Jun-12	9.2515	1.1835	6.6752
Jul-12	9.2718	1.1945	6.7798
Aug-12	9.4269	1.1716	6.9571
Sep-12	9.4933	1.13	7.033
Oct-12	9.371	1.1163	6.9093
Nov-12	9.463	1.1168	7.0393
Dec-12	9.5315	1.1631	7.0619
Jan-13	9.7989	1.1439	7.275
Feb-13	9.8805	1.1698	7.3836
Mar-13	10.3492	1.2683	7.6573
Apr-13	10.3049	1.2524	7.6502
May-13	10.4079	1.2247	7.7678
Jun-13	10.4957	1.266	7.8977
Jul-13	10.4831	1.2221	7.8919
Aug-13	10.24	1.2667	7.5707
Sep-13	10.7367	1.2905	8.0419
Oct-13	10.8946	1.3058	8.1489
Nov-13	11.227	1.3456	8.324
Dec-13	10.9528	1.3175	8.1485
Jan-14	11.1612	1.4128	8.2618
Feb-14	11.4569	1.453	8.4469
Mar-14	11.3866	1.4934	8.3849
Apr-14	11.3208	1.476	8.3789
May-14	11.228	1.4962	8.2674
Jun-14	11.3921	1.4979	8.3619
Jul-14	11.2707	1.4636	8.2816
Aug-14	10.9553	1.4343	8.0221
Sep-14	11.0865	1.489	8.1125
Oct-14	11.3937	1.5316	8.3136
Nov-14	11.0328	1.4626	8.0542
Dec-14	11.348	1.4597	8.4949
Jan-15	11.5625	1.4706	8.6764
Feb-15	11.3048	1.4354	8.3823
Mar-15	11.7217	1.4681	8.7696
Apr-15	11.8392	1.5027	8.8031
May-15	11.1222	1.4004	8.2561
Jun-15	11.9776	1.3914	9.0207
Jul-15	12.2783	1.3293	9.2878
Aug-15	13.1972	1.4036	10.106
Sep-15	13.5094	1.4473	10.2639
Oct-15	13.1344	1.4375	9.9999
Nov-15	13.0371	1.4895	9.8633
Dec-15	12.9365	1.4969	9.6756
Jan-16	12.5479	1.4844	9.3812
Feb-16	12.6881	1.4428	9.4864
Mar-16	12.4569	1.4372	9.2443
Apr-16	12.8069	1.4528	9.5036
May-16	12.754	1.4859	9.452
Jun-16	12.7073	1.441	9.4542
Jul-16	12.4213	1.4099	9.2353
Aug-16	12.2164	1.5037	8.9551
Sep-16	12.4391	1.4899	9.1713
Oct-16	12.5319	1.5003	9.2529
Nov-16	12.7175	1.4949	9.387
Dec-16	13.1594	1.5239	9.7475
Jan-17	13.2341	1.4968	9.8421
Feb-17	13.1905	1.489	9.8248
Mar-17	13.7769	1.5158	10.213
Apr-17	13.5721	1.592	10.0062
May-17	14.1028	1.6256	10.2782
Jun-17	14.0056	1.6657	10.2326
Jul-17	14.1763	1.7241	10.369
Aug-17	14.423	1.699	10.6021
Sep-17	14.2678	1.6412	10.4196
Oct-17	13.9621	1.6555	10.136
Nov-17	14.1012	1.6611	10.345
Dec-17	14.1696	1.6463	10.4164
Jan-18	14.1828	1.7396	10.289
Feb-18	14.1634	1.5801	10.4293
Mar-18	13.8693	1.5525	10.2121
Apr-18	13.8626	1.4882	10.277
May-18	14.354	1.5368	10.6858
Jun-18	14.075	1.6591	10.2744
Jul-18	13.9306	1.6941	10.2027
Aug-18	13.1945	1.5481	9.7053
Sep-18	12.8082	1.4528	9.5134
Oct-18	12.888	1.545	9.5184
Nov-18	12.4545	1.515	9.1513
Dec-18	11.9149	1.4409	8.6701
Jan-19	11.7906	1.4414	8.6207
Feb-19	12.115	1.5258	8.9724
Mar-19	11.6576	1.4959	8.6504
Apr-19	11.8755	1.4271	8.7921
May-19	11.7236	1.4491	8.6313
Jun-19	11.967	1.4517	8.875
Jul-19	12.1245	1.4113	9.0165
Aug-19	12.4862	1.4249	9.2279
Sep-19	12.7869	1.485	9.4191
Oct-19	13.1163	1.5298	9.6515
Nov-19	13.9121	1.5593	10.3192
Dec-19	14.4106	1.6194	10.7867
Jan-20	14.398	1.6732	10.693
Feb-20	13.9204	1.7115	10.151
Mar-20	14.2002	1.6291	10.5014
Apr-20	13.5266	1.6576	9.784
May-20	12.4377	1.6621	8.8057
Jun-20	12.9983	1.6441	9.2753
Jul-20	14.3876	1.6995	10.2824
Aug-20	15.9302	2.0847	11.1782
Sep-20	17.1233	2.6173	11.7577
Oct-20	17.2308	2.8457	11.591
Nov-20	18.2026	3.0436	12.3008
Dec-20	19.9907	3.5082	13.4392
Jan-21	21.9366	4.0444	14.8179
Feb-21	21.7586	4.2471	14.3294
Mar-21	22.0615	3.6203	15.2166
Apr-21	23.0022	3.2072	16.6127
May-21	23.4374	3.1338	17.2025
Jun-21	22.8604	2.5869	17.1875

Value of new loan commitments to owner-occupiers, select subpurposes, Australia (seasonally adjusted)

["","Total (ex.  Refinancing)","Construction of dwellings","Purchase of existing dwellings"]

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[]

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The value of owner-occupier loan commitments fell in Victoria by 5.8 per cent, in New South Wales by 3.2 per cent and in Western Australia by 6.9 per cent. Queensland rose 1.8 per cent and the Australian Capital Territory rose 7.4 per cent.

The value of new loan commitments for investor housing rose 0.7 per cent in June, after a rise of 13.3 per cent in the previous month.

Owner-occupier first home buyer loan commitments

The number of new loan commitments to owner-occupier first home buyers fell for a second consecutive month, down 7.8 per cent in June. The level of commitments remained elevated however, similar to that seen in November 2020.

Ms Keenan said: “First home buyer lending fell across all states with the exception of South Australia, the Australian Capital Territory and the Northern Territory. The largest fall was seen in Victoria where strength in first-home buyer lending tied to construction activity continued to unwind post-HomeBuilder.”

Number of loan commitments to owner-occupiers, construction vs FHBs, Australia (seasonally adjusted)
	First home buyers (total)	Construction of new dwellings
Jun-03	7,361	3,252
Jul-03	7,382	3,396
Aug-03	7,418	3,332
Sep-03	7,430	3,412
Oct-03	7,186	3,469
Nov-03	6,855	3,479
Dec-03	6,637	3,354
Jan-04	6,207	3,192
Feb-04	6,034	3,120
Mar-04	6,003	3,044
Apr-04	6,113	3,080
May-04	6,492	3,035
Jun-04	6,755	2,934
Jul-04	7,093	2,973
Aug-04	7,387	2,965
Sep-04	7,381	2,962
Oct-04	7,157	2,954
Nov-04	7,493	2,949
Dec-04	7,677	2,943
Jan-05	8,107	2,981
Feb-05	8,309	3,005
Mar-05	8,433	3,087
Apr-05	8,386	3,022
May-05	8,664	3,074
Jun-05	8,660	3,059
Jul-05	8,502	3,003
Aug-05	9,035	2,998
Sep-05	9,317	2,974
Oct-05	9,433	2,975
Nov-05	9,754	3,014
Dec-05	9,763	3,062
Jan-06	9,681	3,081
Feb-06	9,838	3,128
Mar-06	10,377	3,047
Apr-06	10,508	3,108
May-06	10,137	3,122
Jun-06	10,034	3,169
Jul-06	10,030	3,306
Aug-06	9,414	3,225
Sep-06	9,825	3,153
Oct-06	9,755	3,156
Nov-06	9,705	3,152
Dec-06	9,577	3,201
Jan-07	9,508	3,213
Feb-07	9,785	3,110
Mar-07	10,032	3,179
Apr-07	10,464	3,184
May-07	10,070	3,141
Jun-07	10,355	3,287
Jul-07	10,164	3,194
Aug-07	10,320	3,317
Sep-07	10,090	3,348
Oct-07	10,435	3,399
Nov-07	10,616	3,340
Dec-07	10,602	3,295
Jan-08	10,730	3,435
Feb-08	10,028	3,371
Mar-08	9,032	3,309
Apr-08	8,579	3,187
May-08	8,199	3,054
Jun-08	8,187	2,948
Jul-08	8,455	2,918
Aug-08	8,284	2,755
Sep-08	8,288	2,740
Oct-08	8,216	2,755
Nov-08	10,320	2,743
Dec-08	12,212	3,002
Jan-09	13,855	3,289
Feb-09	14,687	3,333
Mar-09	16,273	3,814
Apr-09	16,753	4,160
May-09	16,666	4,343
Jun-09	16,477	4,471
Jul-09	14,851	4,447
Aug-09	13,954	4,540
Sep-09	14,268	5,041
Oct-09	14,038	5,463
Nov-09	11,284	4,902
Dec-09	10,054	4,466
Jan-10	9,304	4,327
Feb-10	8,345	4,147
Mar-10	7,338	3,873
Apr-10	7,120	3,598
May-10	7,255	3,518
Jun-10	6,693	3,279
Jul-10	6,843	3,262
Aug-10	6,652	3,248
Sep-10	6,650	3,229
Oct-10	6,397	3,258
Nov-10	6,655	3,297
Dec-10	7,081	3,335
Jan-11	6,456	3,032
Feb-11	6,160	3,081
Mar-11	6,667	3,067
Apr-11	6,839	3,112
May-11	6,776	3,315
Jun-11	6,687	3,168
Jul-11	6,635	3,147
Aug-11	6,837	3,124
Sep-11	7,270	3,166
Oct-11	7,823	3,088
Nov-11	8,087	3,161
Dec-11	9,212	3,174
Jan-12	8,794	3,188
Feb-12	7,110	3,271
Mar-12	7,209	3,251
Apr-12	7,315	3,248
May-12	7,482	3,362
Jun-12	7,713	3,389
Jul-12	7,980	3,491
Aug-12	8,019	3,396
Sep-12	8,002	3,253
Oct-12	7,852	3,247
Nov-12	7,412	3,216
Dec-12	6,993	3,314
Jan-13	7,202	3,321
Feb-13	7,153	3,414
Mar-13	7,538	3,636
Apr-13	7,630	3,525
May-13	7,771	3,509
Jun-13	7,951	3,587
Jul-13	8,142	3,556
Aug-13	7,919	3,645
Sep-13	7,722	3,664
Oct-13	7,681	3,742
Nov-13	7,693	3,831
Dec-13	7,198	3,852
Jan-14	7,609	4,049
Feb-14	7,693	4,139
Mar-14	7,617	4,230
Apr-14	7,376	4,167
May-14	7,571	4,245
Jun-14	7,596	4,216
Jul-14	7,210	4,128
Aug-14	7,504	4,168
Sep-14	7,438	4,284
Oct-14	7,492	4,236
Nov-14	7,196	4,078
Dec-14	7,066	4,083
Jan-15	6,997	4,042
Feb-15	7,313	3,982
Mar-15	7,437	4,039
Apr-15	7,370	4,124
May-15	6,835	3,826
Jun-15	7,078	3,790
Jul-15	6,932	3,618
Aug-15	6,876	3,725
Sep-15	6,779	3,807
Oct-15	6,495	3,796
Nov-15	6,580	3,923
Dec-15	6,895	3,961
Jan-16	6,856	3,892
Feb-16	6,958	3,788
Mar-16	6,779	3,733
Apr-16	7,153	3,809
May-16	7,022	3,797
Jun-16	7,008	3,740
Jul-16	6,719	3,518
Aug-16	6,470	3,680
Sep-16	6,585	3,694
Oct-16	6,643	3,703
Nov-16	6,694	3,757
Dec-16	6,815	3,754
Jan-17	6,782	3,734
Feb-17	6,704	3,734
Mar-17	6,959	3,806
Apr-17	7,096	3,976
May-17	7,039	4,022
Jun-17	7,688	4,119
Jul-17	8,536	4,236
Aug-17	9,117	4,173
Sep-17	8,805	4,063
Oct-17	8,828	4,015
Nov-17	9,150	4,083
Dec-17	8,814	3,987
Jan-18	8,882	4,235
Feb-18	8,910	3,854
Mar-18	8,764	3,744
Apr-18	8,657	3,694
May-18	8,686	3,750
Jun-18	8,787	3,867
Jul-18	8,827	4,073
Aug-18	8,608	3,784
Sep-18	8,353	3,661
Oct-18	8,534	3,776
Nov-18	8,669	3,698
Dec-18	7,675	3,617
Jan-19	7,651	3,539
Feb-19	7,874	3,650
Mar-19	7,897	3,618
Apr-19	8,021	3,524
May-19	8,201	3,572
Jun-19	8,418	3,508
Jul-19	8,502	3,479
Aug-19	9,099	3,503
Sep-19	9,035	3,505
Oct-19	9,084	3,629
Nov-19	9,449	3,604
Dec-19	9,577	3,703
Jan-20	9,565	3,756
Feb-20	9,525	3,801
Mar-20	9,713	3,567
Apr-20	9,504	3,737
May-20	8,688	3,659
Jun-20	9,429	3,558
Jul-20	10,736	3,774
Aug-20	12,820	4,731
Sep-20	13,371	5,985
Oct-20	13,581	6,674
Nov-20	14,064	7,177
Dec-20	15,004	8,192
Jan-21	16,257	9,805
Feb-21	15,798	10,082
Mar-21	15,468	8,213
Apr-21	15,171	7,335
May-21	15,050	6,938
Jun-21	13,869	5,678

Number of loan commitments to owner-occupiers, construction vs FHBs, Australia (seasonally adjusted)

["","First home buyers (total)","Construction of new dwellings"]

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Personal finance loan commitments

The value of new loan commitments for fixed term personal finance fell 12.6 per cent in June 2021 (seasonally adjusted). End of financial year sales for personal road vehicles were weak, resulting in an 11.7 per cent fall in lending for road vehicles.

More information is available in Lending Indicators, Australia

Media notes

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APA

Citation

Housing loan commitments fell in June but remained high

APA

Citation

Owner-occupier first home buyer loan commitments

Personal finance loan commitments

Media notes

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