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Housing loans rise modestly in October

houing loan bank

There's also less credit card debt for Australian households.

Australia's banks and financial institutions saw moderate monthly rises in the value of both owner-occupied loans and housing investment, while credit card debt fell slightly, according to the latest data.

The Australian Prudential Regulatory Authority (APRA) revealed loans for owner-occupied housing increased a modest 0.69% month-on-month in October. Overall value rose from $963,745 million in September to $970,348 in October.

Loans for housing investment ticked up 0.50% month-on-month, from $530,547 million in September to $533,185 million in October.

Despite the rise in investment, building approvals slumped in October, continuing a five-month downward trend.

On top of this, housing stress is forcing many, particularly low-income earners, out of the rental market.

Commonwealth Bank of Australia (CBA) continues to hold the largest value of owner-occupied loans, rising 0.39% to $266,217 in October. Westpac Banking Corporation held the greatest value of loans for housing investment, increasing 0.64% to $140,186 in October.

Households deposited $815,708 to banks in October, up 0.18% from $814,241 the previous month.

Total deposits to all institutions was $2,015,250 in October, up 0.85% from $1,998,197 in September.

Household credit card debt fell marginally (0.06%), from $41,123 in September to $41,096 in October.

APRA's stats were revealed ahead of the Reserve Bank's (RBA) December rate decision next week.

Just 12% of experts surveyed by suggest rates may dip below 1.5% before January 2017.

Visit our dedicated RBA cash rate page for all the latest news, updates, tips and forecasts.

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