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Aussies borrowing more conservatively
While Australians are pouring more money into their homes, we’re not borrowing as much with our personal loans or credit cards, according to new figures from the Australian Bureau of Statistics (ABS).
The lending finance statistics for May 2017 echo the recent housing finance stats, which indicated a swing away from investment lending in favour of owner-occupied property, partially as a result of intervention by the Australian Prudential Regulation Authority (APRA).
Consistent with the ABS Housing Finance report, housing finance for owner occupiers recorded a positive change of 0.4% in trend terms in the ABS Lending Finance report.
The report’s personal finance figures, which covers the money Australians have tied up in personal loans, car loans, credit cards and the like, dipped by 3.2% in trend terms from April 2017 to May 2017.
Commercial finance, which covers business lending as well as investments in housing for rental or resale, also recorded a reduction, trending downward by 0.8%.
Lease finance, which includes some car loans s well as leases of construction and industrial equipment, also shrank by 3.3% on a trend basis.
| Trend Estimates | April 2017 | May 2017 | Change |
|---|---|---|---|
| Housing finance for owner occupation | $20.342 million | $20.423 million | 0.4% |
| Personal finance | $6.019 million | $5.826 million | -3.2% |
| Commercial finance | $41.783 million | $41.468 million | -0.8% |
| Lease finance | $0.641 million | $0.619 million | -3.3% |
Source: ABS
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This article is over two years old, last updated on July 13, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent personal loans articles.
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