Home loan numbers creep up
Home loan approvals have reached a post-LVR rule high, Reserve Bank data shows.
Thursday, December 5th 2013, 9:23AM
Loans for the week of November 29 were worth $1.150 billion nationwide, up from $1.128 billion the previous week and $923 million in the week of November 1.
That is the highest value since the rules were passed on October 1, restricting the amount of new lending banks can do to borrowers with small deposits.
For the week, there were 6574 home loan approvals, up from 6523 the previous week.
But compared to 2012, home loan approvals are still not strong. The value of loans issued in the week was down almost 5% on the same 13 weeks the year before and up only 6.3% on the corresponding 52-week period, down from more than 16% up in August.
The number of approvals was down 8.6% on the same 13 weeks in 2012, and up only 1.4% when 52-week periods were compared.
The Reserve Bank will be keeping an eye on credit growth to ascertain whether its LVR rules are working.
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