PHOTO: New home loan commitments are surging. Picture: Lachie Millard Source: News Corp Australia
More Australians are seeking to buy a property while interest rates remain at historically low levels, sending new home loan commitments surging.
Monthly figures from the Australian Bureau of Statistics shows the value of new loan commitments for housing, including by investors, spiked 12.6 per cent in August, with $21.3 billion of property debt added.
ABS head of finance and wealth Amanda Seneviratne said a 13.6 per cent rise in new owner occupier mortgages was the biggest month-on-month surge the bureau had seen in its history of recording that data, eclipsing the previous record of 10.7 per cent set in July.
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