Press Release

For immediate release

Information verified correct on October 29th, 2016

News Alert: Households hit up owner-occupied home loans, personal loans and save more while investment loans and credit cards fall out of favour

  • analysis of August APRA Monthly Banking Statistics released today
  • Banks lending for owner-occupied home loans is at highest levels ever recorded
  • New record also set for deposits, with $737.3 billion in the bank

September 30, 2015, Sydney

Comments by Michelle Hutchison, Money Expert at one of Australia's biggest comparison websites

Home loans

Owner-occupied home loans highest ever recorded

  • $843.2 billion borrowed from banks as at August 2015, up by over $15 billion from July 2015 (1.81%)
  • up by 7.5% YoY, with $58.8 billion more than August 2014

Investment home loans has seen a month-on-month decline for the first time since 2011

  • Investment lending by banks is at $535.5 billion, down by $3.43 billion since July 2015 (-0.64%)
  • However, it’s higher than last year, increasing by $48.16 billion since August 2014 (9.88%)

Credit cards

Total household credit card debt by banks has declined for the second consecutive month, and it’s the fifth month in the past year that saw a month-on-month drop

    • Total debt as at August 2015 was $40.8 billion, down by $44 million from July 2015 (-0.11%)
    • Since August 2014, it has increased by $573 million (1.42%)

Other household loans

Other household loans such as personal loans has grown, however, it isn’t at the same levels as it once was before the GFC.

  • August 2015 saw a $197 million increase compared to July 2015 (0.29%), to $67.99 billion
  • It increased by $1.23 billion since August 2014 (1.85%)
  • Despite this recent growth, we haven’t seen the 2007-08 peaks return, where bank lending for other household loans hit $79.1 billion in December 2007 – the highest ever recorded

Household deposits

Household deposits hit an all-time high in August 2015 and has seen a monthly increase since June 2014

  • Total household deposits was $737.3 billion in August 2015, an increase of $5.82 billion since July 2015 (0.80%)
  • It also saw a rise of $69.24 billion compared to August 2014 (10.36%)

"Home loan lending by banks has continued to grow for owner-occupied loans, hitting the highest level of borrowing ever recorded. However, we saw a decline for investment lending, which could be a result of borrowers switching the status of their home loans to owner-occupied to avoid the recent hikes to some investment home loan rates.

“Credit card debt has grown very little in the past year and in fact has seen a decline month-on-month. It was also interesting to see the steady growth in other household loans such as personal loans, which has been increasing over the past few years but hasn’t hit the same level of borrowing as we saw before the GFC hit in 2009. This could show that households are more cautious about borrowing than they were six years ago.

“Households have also continued to remain cautious by keeping their money in the bank, with household deposits at an all-time high. It could be a result of turbulence in stock markets locally and around the world, and cashed up savers could be discouraged to invest in property with higher rates and tighter lending.”


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