Australian housing loans rise in July
CBA continues to hold the largest value of loans in Australia.
Australia's banks and financial institutions recorded temperate monthly rises in the value of both owner-occupied loans and housing investment, according to the latest banking data.
The Australian Prudential Regulatory Authority (APRA) revealed loans for owner-occupied housing increased 0.63% month-on-month in July. Overall value rose from $946,452 million in June to $952,466 in July.
Loans for housing investment ticked up 0.29% month-on-month, from $525,320 million in June to $526,895 million in July.
Commonwealth Bank of Australia (CBA) continues to hold the largest value of loans. Owner-occupied loans rose 0.66% to $260,837 in July, while loans for housing investment increased 0.73% to $132,274 in July.
Earlier this week, we reported building approvals rose in July for the eighth consecutive month, but some analysts suggest the bubble may be about to burst.
APRA's stats were revealed ahead of the Reserve Bank's (RBA) September rate decision next week. August's cut, brought on by the weakest inflation reading in 17 years, took the official cash rate to a record low 1.50%.
Visit our dedicated RBA cash rate page for all the latest news, updates, tips and forecasts on the upcoming interest rate announcement.
Australian mortgage holders and those seeking loans are missing out on potential savings when they don't bargain for lower interest rates on home loans. 82% of Aussies who ask for a discount get one.