Mortgages

New mortgage lending rises after plunge

After plunging in April, new mortgage lending rose 20.4%, up $1.2 billion to $6.8b in May.

Monday, July 11th 2022

However, compared to May last year, new lending was down 23.6% by $2.1 billion.

Investors borrowed $1.1 billion, an increase of 16.7% from April. First home buyers were lent $1.2 billion, an increase of 18.8%  billion and owner occupiers borrowed $4.4 billion, up 22.3%.

New commitments investors dropped 26.7% from May last year, while new lending to first home buyers dropped by 29.3% and owner occupiers by 20.8%.

The market share to investors declined for the third consecutive month from 17.1% in April to 16.6% in May, while first home buyer’s share dropped from 18.5% in April to 18.2% and bucking the trend, owner-occupiers market share increased 1% from 63.2% to 642%.

The average value of new mortgages was $408,375 in May. This rise continues the trend for higher mortgages, rising 0.5% from April and 24.1% from the same period last year.

Nearly 17,000 new mortgages were taken out in May, an increase of 19.8% from April, but the second-lowest number during May since data collection began.

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