Housing loans rise again in November
And more credit card debt for Australian households.
Australia's banks enjoyed moderate monthly rises in the value of both owner-occupied loans and housing investment, while credit card debt increased, according to the latest data.
The Australian Prudential Regulatory Authority (APRA) revealed loans for owner-occupied housing rose 0.69% month-on-month in November. Overall loan value rose from $970,348 million in October to $977,048 million.
Loans for housing investment increased 0.58%, from $533,185 million in October to $536,303 million.
Commonwealth Bank of Australia (CBA) retained the largest value of owner-occupied loans, rising 0.45% to $267,400 million in November. Westpac Banking Corporation held the highest value of loans for housing investment, increasing 0.71% to $141,191 million in November.
Households deposited $822,710 million to banks in November, up 0.85% from $815,708 million the previous month.
Total deposits to all institutions was $2,028,634 million in November, up 0.64% from $2,015,250 million in October.
Household credit card debt jumped 1.84%, from $41,096 million in October to $41,854 million in November.
When considering which credit card to apply for, the latest finder.com.au survey revealed Aussies are seeking zero annual fees, low interest on purchases and lots of rewards.
A recent survey found younger generations are taking a different path than the traditional foray into home ownership, investing in property but continuing to live and rent in more preferable, inner-city areas.
NAB's third quarter 2016 Residential Property survey reveals Generation Y, in particular, are choosing to become "rentvesters" rather than entirely abandoning their dreams of property ownership.
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