Average home loan falls below $300,000

The average size of new housing finance commitments has fallen from A$303,900 in July last year to $291,300 in January.

The value of first-home buyer loans has fallen from $287,800 to $280,900 over the same period according to the latest Australian Bureau of Statistics.

After rising 2.3 per cent in December, the number of owner-occupied housing finance commitments fell 1.2 per cent in January. The value of those commitments fell 2.3 per cent.

Lenders wrote a total of 48,088 owner-occupied housing loans in January, worth $14.1 billion.

Source: Banking Day