Home loan growth picks up pace

Mortgage debt is now growing at the fastest rate in more than eight years.

Friday, September 30th 2016, 6:00PM

Housing loans increased a total of almost $2 billion in August, up 9.2%, year-on-year, Reserve Bank data shows.

Nationwide, there is more than $225b in property loans outstanding.

It is the fastest rate of growth since 2008 but below the 17.5% recorded in 2004.

There are indications that the loan-to-value restrictions now imposed on investors, which require a 40% deposit, may also be slowing down some sectors of the property market.

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