Mortgage activity rising as borrowers commit to $29bn of home loans
30/8/2024
The latest home loans data from the Australian Bureau of Statistics has revealed three key trends:
Borrowing is rising strongly. The total value of home loan commitments in June reached $29.19 billion, which was 1.3% higher than the previous month and 19.1% higher than the previous year.
Investor activity is incredibly strong right now. While the volume of owner-occupied loans rose 13.2% year-on-year to $18.17 billion, investment loans jumped 30.2% to $11.02 billion.
While refinancing activity remains quite high, it’s well below the record levels of mid-2023. Borrowers refinanced $15.79 billion of loans in June, which was 20.9% lower than the year before.
If you’re thinking about buying a property, I can get you a home loan pre-approval – and if you’re interested, introduce you to a good buyer’s agent.
