Home' Sunraysia Daily : property16092017 Contents Pr pertyGuide 23
Saturday, September 16, 2017
Home loan approvals have
shown a surprise lift in July,
but the continuing decline in
investor loans has underlined
the effectiveness of recently-
introduced lending controls.
The number of owner-occupier home loan approvals
rose 2.9 per cent, to 56,464, in July, sharply higher
than market expectations for an increase of 1.0 per
The value of total housing finance, however, fell
0.9 per cent to $33.03 billion in the month, seasonally
adjusted data from the Australian Bureau of Statistics
The decline was led by a 3.9 per cent fall in the
value of loans for investment housing to $12.06
Loans approved for owner-occupied housing
continued to rise, up 0.9 per cent in July to $20.96
CBA economist Gareth Aird said the data showed
that overall lending conditions in the housing market
had cooled in July.
“The most notable feature in the data was the 3.9 per
cent fall in lending to investors,” he said.
“A clear divergence has opened up between the
trends in lending to owner-occupiers and investors.”
The Australian Prudential Regulation Authority
(APRA) moved to cap interest-only mortgage lending
in the last week of March, prompting a round of rate
increases from banks that made interest-only and
investor loans more expensive in order to comply with
the new limits.
JP Morgan economist Henry St John said the decline
in investment lending was consistent with the trend
seen over the past few months.
“Investor lending values have now declined 11.3 per
cent over the last six months, and the annual run rate is
now effectively flat,” he said.
Owner-occupier lending figures in July were
boosted by stamp duty reductions and exemptions for
first-time home buyers that were introduced in Victoria
and NSW from July 1.
“At this point, it is difficult to discern a clear trend
in owner-occupier lending activity, but this category
should be less affected than any other by prudential
tightening, and has also not been cyclically important,”
Mr St John said.
Prashant Mehra, AAP
Home loan approvals rise in July
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