Home lending posts surprise fall: ABS data

(http://www.abc.net.au/news/2015-01-12/home-lending-posts-surprise-fall/601227)

 There was a surprise decline of home lending in  November, with the number of new loans approved down 0.7 per cent while the number had typically been expected 1.7 per cent increase.However, 2.2 per cent seasonally adjusted slump in the value of loans going to investors,the ABS estimates that $11.7 billion worth of new lending was made to investors in November.

A worrying figures was a 2.6 per cent fall in the number of home loans used for construction of a new dwelling,representing a slowdown in the residential construction segment,although the number of people borrowing money to buy a newly built dwelling rose 1.3 per cent.

The proportion of first home buyers in the market increased slightly to 11.6 per cent of owner-occupier purchases, but the ABS said information of 11.6 percents of owner-occupier purchases were potential problems with underreporting where the buyer is not eligible for a first home owner grant.

The ABS said it will start correcting for this underreporting when December's housing finance data is released next month.

                                                                                               Post by Tu Nguyen