Borrowing increases as property market heats up

Written on the 11 December 2023

There's been a big rise in home loans activity over the course of the year, with investors leading the way.

Between February and September, the total volume of mortgage commitments rose 9.5% to $25.0 billion, according to the latest data from the Australian Bureau of Statistics.

Owner-occupied borrowing climbed 6.1% to $16.1 billion, while investor borrowing jumped 16.0% to $9.0 billion.

Three other key facts:

1.        The number of loans taken out by owner-occupier first home buyers increased significantly between February and September, rising 18.4% to 9,213 loans.

2.        Refinancing with external lenders fell 7.1% to $18.5 billion, although that figure was still well above the long-term average.

3.        Borrowing for alterations, additions and repairs increased 9.4% to $502 million.

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