Owner-occupier mortgages getting bigger

Home loans taken out by owner occupiers are getting bigger as borrowers take on more debt with interest rates set to remain low for some time yet.

According to the latest Reserve Bank of Australia lending data, lenders' owner-occupier mortgage books grew by 0.4 per cent in August 2014, indicating sales of new home loans to owner occupiers is subdued.

However owner-occupier mortgage balances have grown by 5.4 per cent over the 12 months to August, reported the RBA, indicating that many borrowers are taking on bigger mortgage loans.

Source: Banking Day