Refinancing churn boosts loan market
Home buyers refinanced their loans in record numbers in September, driving up home loan approvals by 4 per cent. The Australian Bureau of Statistics said refinancing rose 7.1 per cent to make up 30 per cent of all loans approved in the month. The average loan size continued to increase strongly. Loans for construction and to buy established homes grew but loans to buy newly built houses fell. The number of borrowers taking out fixed rate loans increased for the third consecutive month. Average loan sizes were: NSW $231,900, Victoria $187,200, ACT $207,000, Queensland $176,900, SA $132,800, WA $150,600, Tasmania $106,700, NT $150,600. Overall for Australia: $189,100.