Australians are making fewer new borrowing commitments, but are more likely to borrow to buy a home or to spend on a credit card, according to the latest lending finance figures from the Australian Bureau of Statistics (ABS).Â
While owner occupied housing finance was up 0.2% in trend terms, it was down by 1.9% in seasonally adjusted terms.
Commercial finance, which covers business lending as well as housing investments for rental or resale, fell by 0.3% on a trend basis, and by 1.6% in seasonally adjusted terms.
These figures fall in line with the recent ABS Housing Finance report, which indicated a move away from investment housing.
The value of personal finance commitments fell by 0.3% in trend terms, and by 2.5% when seasonally adjusted.
Fixed lending commitments such as personal and car loans were down by 1.3% on a trend basis, and by 2.5% when seasonally adjusted.
While revolving credit commitments such as credit cards rose by 1.4% on a trend basis, these were down by 3.6% on a seasonally adjusted basis.
Lease finance, which includes some car loans and leases of construction and industrial equipment, also fell by 1.3% on a trend basis in March 2018, and by 1.8% seasonally adjusted.
| Lending finance | Feb 2018 to Mar 2018 change, trend | Feb 2018 to Mar 2018 change, seasonally adjusted |
|---|---|---|
| Housing finance for owner occupation | 0.2% | -1.9% |
| Personal finance | -0.3% | -2.5% |
| Commercial finance | -0.3% | -1.6% |
| Lease finance | -1.3% | -1.8% |
Source: ABS
