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Average new home loan falls to $284,500

Australian Bureau of Statistics housing finance figures published yesterday show that there has been solid growth in the number of dwelling commitments and a significant reduction in the size of the average home loan.

Lenders wrote A$20.2 billion of owner-occupier and investor mortgages in March 2012 – a fall of 0.5 per cent from the previous month (in seasonally adjusted terms).

The number of dwelling commitments rose 0.3 per cent to 46,275 month-on-month. The value of mortgages written in March was 5.5 per cent higher than in March last year, while the number of mortgages was up 11 per cent.

The size of the average mortgage has fallen from $303,100 to $284,500 over the 12-month period.

Source: Banking Day

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