Lending figures strong across all segments
Australian Bureau of Statistic Housing Finance figures for the month of March 2009, has continued to show solid growth and demand for mortgages across all categories. The value of owner occupier housing commitments increased by 7.3 per cent, while investment housing commitments increased by 4.7 per cent, seasonally adjusted.
First home buyers continue to lead the pack, accounting for 27.3 per cent of all owner occupier commitments in March – the highest proportion on record since the first home buyer series commenced in 1991. The strong growth can be attributed to the increased uptake of first home buyers lured in to make use of the governments First Home Owner Boost, which is set to end on 30 June 2009.
Fixed rate loans as a proportion of total owner occupier commitments decreased from 2.8 per cent in February 2009 to 2.4 per cent in March 2009.
The average loan size for all dwellings financed now stands at $263,200.