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Australia Home Loans Sink 6.6% In August

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Australia Home Loans Sink 6.6% In August

The value of owner-occupied home loans in Australia was down a seasonally adjusted 6.6 percent on month in August, the Australian Bureau of Statistics said on Friday – coming in at A$21.26 billion.

That missed forecasts for a decline of 2.0 percent following the 0.4 percent drop in July.

Investment lending was up 1.5 percent on month at A$9.49 billion, slowing from 1.8 percent in the previous month. So overall lending was at A$30.76 billion, down 4.3 percent on month.

On a yearly basis, overall lending was up 47.4 percent, owner-occupied lending jumped 33.5 percent and investment lending skyrocketed 92.2 percent.

Fixed term loans were down 2.5 percent on month and up 38.9 percent on year at A$1.93 billion.

The material has been provided by InstaForex Company – www.instaforex.com