{"id":30122,"date":"2021-01-17T11:41:40","date_gmt":"2021-01-16T22:41:40","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=30122"},"modified":"2021-01-17T11:41:40","modified_gmt":"2021-01-16T22:41:40","slug":"aussie-home-loans-break-record","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/aussie-home-loans-break-record\/","title":{"rendered":"Aussie home loans break record"},"content":{"rendered":"

PHOTO: Aussies are borrowing more money than ever before to purchase property.\u00a0(Peter Rae)<\/strong><\/p>\n

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Australians are borrowing more money for property than ever before, new data released by the Australian Bureau of Statistics showed today.<\/div>\n
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The total value of new loan commitments for housing reached a record high in November 2020, rising 5.6 per cent to $24 billion.<\/div>\n
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The value of new owner occupier home loan commitments \u2013 not investors but people buying to live \u2013 rose 5.5 per cent to $18.3 billion.<\/div>\n
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That’s almost a third higher than it was in November 2019, prior to the COVID-19 pandemic.<\/div>\n
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ABS head of finance and wealth, Amanda Seneviratne, said most of the money was coming in for homes that already existed.<\/div>\n<\/div>\n
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“Loan commitments for existing dwellings rose 5.9 per cent and were the largest contributor to the rise in November’s owner occupier housing loan commitments,” Ms Seneviratne said.<\/div>\n<\/div>\n
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“The value of construction loan commitments grew 5.6 per cent in November, rising 75 per cent since July. This follows the implementation in June of the Government’s HomeBuilder grant<\/a> in response to COVID-19.<\/div>\n
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“Other federal and state government incentives and ongoing low interest rates also contributed to the continuing growth in new housing loan commitments.”<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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