Refinancing remained at record highs in October: Australia

The value of total new loan commitments for housing fell 2.7 per cent in October 2022 (seasonally adjusted), while the value of owner-occupier refinancing between lenders fell 1.3 per cent, according to data released today by the Australian Bureau of Statistics (ABS).

Katherine Keenan, ABS Finance and Wealth Spokesperson, said: “Despite the October fall, monthly owner-occupier refinancing between lenders has remained above $12 billion since June 2022, well above pre-pandemic values. Investor refinancing activity has also remained high.

“The RBA cash rate increased 225 basis points between June and October 2022, which coincided with a greater number of borrowers seeking loans with lower interest rates from competing lenders.”

Refinancing (seasonally adjusted), Values, Australia

Owner-occupier refinancing ($b)Investor refinancing ($b)
Oct-042.4650.735
Nov-042.5150.707
Dec-042.6130.76
Jan-052.6960.709
Feb-052.8260.759
Mar-052.9650.737
Apr-053.0610.771
May-053.1020.873
Jun-053.0390.916
Jul-053.1170.914
Aug-053.1030.929
Sep-053.2360.941
Oct-053.1810.942
Nov-053.2090.922
Dec-053.161.204
Jan-063.0410.848
Feb-063.1950.99
Mar-063.1570.895
Apr-063.1761.064
May-063.3020.78
Jun-063.3920.827
Jul-063.4970.833
Aug-063.5550.892
Sep-063.5520.905
Oct-063.6110.851
Nov-063.6270.903
Dec-063.4880.943
Jan-073.4871.063
Feb-073.4611.161
Mar-073.3861.086
Apr-073.5351.135
May-073.4591.054
Jun-073.4861.035
Jul-073.1731.058
Aug-073.4181.063
Sep-073.4071.105
Oct-073.2511.138
Nov-073.4381.224
Dec-073.6061.184
Jan-083.6711.269
Feb-083.6241.27
Mar-083.5031.188
Apr-083.3841.212
May-083.1941.142
Jun-083.1481.013
Jul-083.1311.23
Aug-083.1291.173
Sep-082.8361.258
Oct-083.1271.343
Nov-083.2261.356
Dec-083.5231.511
Jan-093.4011.534
Feb-093.1461.583
Mar-093.4481.661
Apr-093.4711.604
May-093.4441.565
Jun-093.3861.49
Jul-093.2151.386
Aug-093.0011.383
Sep-092.9391.31
Oct-092.9261.242
Nov-092.8211.248
Dec-092.7561.023
Jan-102.5860.987
Feb-102.6690.856
Mar-102.6480.829
Apr-102.6030.828
May-102.6350.941
Jun-102.720.916
Jul-102.8170.914
Aug-102.9110.916
Sep-102.9280.921
Oct-103.0191
Nov-103.0750.999
Dec-103.4131.02
Jan-113.2050.926
Feb-112.9770.95
Mar-112.9351.032
Apr-113.1761.061
May-113.391.166
Jun-113.3611.147
Jul-113.5421.211
Aug-113.6421.224
Sep-113.6341.261
Oct-113.5491.209
Nov-113.5241.21
Dec-113.7231.322
Jan-123.7281.373
Feb-123.6941.469
Mar-123.6841.533
Apr-123.6141.299
May-123.5721.424
Jun-123.4891.496
Jul-123.4061.481
Aug-123.4351.59
Sep-123.4041.599
Oct-123.4861.535
Nov-123.4541.643
Dec-123.3881.551
Jan-133.4311.675
Feb-133.4351.648
Mar-133.5731.635
Apr-133.6481.725
May-133.7541.666
Jun-133.9081.711
Jul-133.8082.656
Aug-133.6422.509
Sep-133.9132.811
Oct-133.8752.942
Nov-133.9383.004
Dec-133.8643.025
Jan-143.9012.993
Feb-144.2133.118
Mar-143.9613.164
Apr-144.0453.332
May-144.083.362
Jun-144.173.434
Jul-144.283.557
Aug-144.2613.541
Sep-144.2883.759
Oct-144.4083.987
Nov-144.4663.96
Dec-144.6064.082
Jan-154.7144.03
Feb-154.9544.106
Mar-155.0054.296
Apr-155.2134.177
May-154.9774.254
Jun-155.3163.819
Jul-155.4243.501
Aug-155.4643.336
Sep-155.7433.062
Oct-155.9093.079
Nov-156.093.154
Dec-156.473.245
Jan-166.0533.28
Feb-166.0253.341
Mar-166.223.211
Apr-166.1983.224
May-166.053.294
Jun-166.0383.636
Jul-166.0923.588
Aug-165.7693.654
Sep-166.0433.535
Oct-165.8073.19
Nov-165.6763.401
Dec-165.5753.439
Jan-175.7723.34
Feb-175.4083.3
Mar-175.4133.365
Apr-175.313.22
May-175.3383.413
Jun-175.243.456
Jul-175.1473.455
Aug-175.2583.75
Sep-175.3013.382
Oct-175.3413.136
Nov-175.5453.446
Dec-175.723.563
Jan-185.8083.815
Feb-185.7614.003
Mar-185.5553.672
Apr-185.6363.791
May-185.6443.564
Jun-185.2863.414
Jul-185.7373.385
Aug-185.6193.389
Sep-185.3583.348
Oct-185.5813.448
Nov-185.5343.44
Dec-185.3773.284
Jan-195.2133.207
Feb-195.3433.191
Mar-195.2663.233
Apr-195.1863.19
May-195.2133.2
Jun-194.7733.216
Jul-195.2763.095
Aug-195.5863.441
Sep-196.083.716
Oct-196.0753.776
Nov-196.2973.882
Dec-196.5183.879
Jan-206.9683.897
Feb-207.2243.949
Mar-206.8483.849
Apr-207.5264.13
May-209.4474.746
Jun-208.7384.711
Jul-206.8043.735
Aug-206.8594.037
Sep-207.9844.78
Oct-207.5514.619
Nov-206.4064.002
Dec-207.1544.238
Jan-217.994.409
Feb-218.9064.814
Mar-218.5674.59
Apr-218.9784.805
May-219.6545.049
Jun-219.9715.252
Jul-2110.9835.68
Aug-2110.6996.214
Sep-2110.2955.87
Oct-2110.4915.775
Nov-2110.6475.673
Dec-2110.7335.508
Jan-229.6925.33
Feb-2210.7845.419
Mar-2211.095.565
Apr-2211.3855.358
May-2211.6915.508
Jun-2212.3635.539
Jul-2212.3055.513
Aug-2212.5016.066
Sep-2212.3535.68
Oct-2212.1895.652

Ms Keenan said: “The value of new owner-occupier loan commitments fell 2.9 per cent in October, while the value of new investor loan commitments fell 2.2 per cent. This month’s fall continued the decline from record high levels seen earlier this year, although commitments remain above pre-pandemic levels.”

New loan commitments, total housing (seasonally adjusted), Values, Australia

Total (ex. refinancing) ($b)Owner occupier (ex. refinancing) ($b)Investor (ex. refinancing) ($b)
Oct-0411.9777.4164.561
Nov-0412.5797.6924.887
Dec-0412.9527.9335.019
Jan-0513.2118.0985.113
Feb-0513.8388.4965.342
Mar-0513.5098.2165.293
Apr-0513.258.0875.163
May-0512.7468.0254.721
Jun-0512.6378.1524.484
Jul-0512.8438.0854.758
Aug-0512.8978.3084.589
Sep-0513.5298.6434.886
Oct-0514.0378.7155.322
Nov-0514.0588.8515.207
Dec-0514.0358.8785.157
Jan-0614.2568.9565.301
Feb-0614.4329.185.252
Mar-0614.5389.2685.271
Apr-0614.7999.4635.336
May-0615.2049.4935.711
Jun-0615.4959.5165.979
Jul-0615.2839.795.493
Aug-0615.0029.4925.51
Sep-0614.1619.1694.992
Oct-0614.3339.2765.057
Nov-0614.2069.2324.974
Dec-0614.5879.4015.186
Jan-0714.9579.5795.378
Feb-0715.4029.7685.634
Mar-0715.91810.0815.837
Apr-0716.30810.2696.04
May-0717.11610.6956.421
Jun-0718.24811.3416.907
Jul-0717.41710.7856.632
Aug-0717.43511.0566.379
Sep-0716.7510.4416.31
Oct-0716.87510.7716.104
Nov-0716.99510.6616.335
Dec-0716.54810.3636.185
Jan-0816.87410.7816.093
Feb-0815.6899.9135.776
Mar-0814.5619.1465.414
Apr-0813.8628.6975.165
May-0812.9968.24.796
Jun-0812.9458.1994.746
Jul-0812.7818.1334.648
Aug-0812.6197.9614.659
Sep-0812.9758.2454.729
Oct-0813.3988.5624.835
Nov-0813.0388.5454.493
Dec-0813.9279.3784.548
Jan-0914.88510.2264.659
Feb-0915.36410.7814.582
Mar-0916.7111.9714.74
Apr-0917.02411.9255.1
May-0916.85611.835.026
Jun-0917.20211.975.232
Jul-0917.22111.7745.447
Aug-0917.32811.635.699
Sep-0917.87712.1735.705
Oct-0917.61411.8045.81
Nov-0917.07411.095.985
Dec-0916.49110.6075.884
Jan-1015.94110.115.831
Feb-1015.6669.7935.873
Mar-1015.5529.6025.95
Apr-1015.2699.3635.906
May-1015.4169.4345.981
Jun-1015.1139.1225.99
Jul-1015.049.2895.751
Aug-1014.6179.2275.389
Sep-1014.6269.1475.479
Oct-1014.6569.1585.497
Nov-1014.7079.3235.384
Dec-1015.0329.4515.581
Jan-1114.1529.015.142
Feb-1114.0628.8725.19
Mar-1113.6258.8284.798
Apr-1113.9958.9984.996
May-1114.2359.0885.147
Jun-1114.1369.0955.04
Jul-1114.0829.0335.049
Aug-1114.1679.0375.13
Sep-1113.948.8035.138
Oct-1113.8618.865.001
Nov-1114.0388.9555.083
Dec-1114.7289.4055.324
Jan-1214.7719.3985.374
Feb-1214.0778.6775.401
Mar-1214.0928.7045.388
Apr-1214.3478.9245.423
May-1214.5059.1095.396
Jun-1214.7339.2485.485
Jul-1214.7779.285.497
Aug-1214.8729.445.432
Sep-1215.1019.4965.605
Oct-1214.9079.3855.522
Nov-1215.1869.4325.755
Dec-1215.3729.5285.843
Jan-1315.8929.7946.098
Feb-1316.1359.8756.261
Mar-1316.88510.3546.531
Apr-1316.93210.2966.636
May-1317.23110.4316.8
Jun-1317.29710.4756.822
Jul-1317.47710.5176.96
Aug-1317.35810.2337.124
Sep-1318.2110.7637.448
Oct-1318.69510.8967.799
Nov-1319.22811.1798.049
Dec-1319.00410.9538.052
Jan-1419.17911.1867.993
Feb-1419.36611.4437.923
Mar-1419.49111.3818.11
Apr-1419.57511.3128.264
May-1419.511.2278.273
Jun-1419.63611.398.247
Jul-1419.81711.2848.533
Aug-1419.62610.9728.653
Sep-1420.00811.1188.89
Oct-1420.59311.4279.166
Nov-1420.04910.959.099
Dec-1420.47811.389.099
Jan-1520.70111.5299.172
Feb-1520.10411.2828.822
Mar-1521.25811.7359.523
Apr-1521.81111.77710.033
May-1520.32911.1449.185
Jun-1521.12211.9869.136
Jul-1521.1812.3348.845
Aug-1521.70213.2158.487
Sep-1520.95713.5667.391
Oct-1520.02413.1456.879
Nov-1519.64912.9886.661
Dec-1519.58412.8896.696
Jan-1619.11612.5086.608
Feb-1619.35412.7356.619
Mar-1619.112.4436.657
Apr-1619.58712.7166.87
May-1619.99712.787.217
Jun-1620.20212.6927.51
Jul-1620.08512.4387.647
Aug-1619.89412.3217.572
Sep-1620.78612.4638.323
Oct-1621.20612.6218.585
Nov-1621.51212.6968.816
Dec-1621.97513.0548.922
Jan-1722.17413.1798.995
Feb-1721.72113.1888.533
Mar-1722.60213.7218.881
Apr-1722.63213.8668.767
May-1722.09313.7918.302
Jun-1722.09413.9458.15
Jul-1722.13414.2477.887
Aug-1722.39614.4647.932
Sep-1722.13414.327.815
Oct-1721.67514.1427.533
Nov-1721.53214.1327.4
Dec-1721.15914.0017.158
Jan-1821.12214.1876.936
Feb-1821.10414.1836.922
Mar-1820.41113.8316.58
Apr-1820.16413.7686.397
May-1820.69414.196.503
Jun-1820.29713.9846.313
Jul-1820.22713.9236.303
Aug-1819.45313.3896.063
Sep-1818.70112.8485.853
Oct-1818.9513.2615.689
Nov-1817.85112.4855.366
Dec-1816.92211.7925.129
Jan-1916.54611.6414.904
Feb-1917.00612.1314.875
Mar-1916.44311.6484.796
Apr-1916.44111.7074.733
May-1916.30711.5854.722
Jun-1916.53611.8064.729
Jul-1917.04312.1714.872
Aug-1917.87312.6235.25
Sep-1918.13113.0235.109
Oct-1918.6913.5095.181
Nov-1919.4314.0315.399
Dec-1919.53614.1395.397
Jan-2019.61214.2895.322
Feb-2019.03513.8835.151
Mar-2019.13314.1644.97
Apr-2018.20213.334.872
May-2016.26412.1374.126
Jun-2017.23412.8144.42
Jul-2019.06814.3974.671
Aug-2021.34216.3544.988
Sep-2022.77917.3895.389
Oct-2023.2417.8755.365
Nov-2024.15518.5715.584
Dec-2025.49119.4886.003
Jan-2128.00321.576.433
Feb-2128.47721.6586.819
Mar-2129.71222.0277.684
Apr-2130.49522.5797.916
May-2131.68822.8698.82
Jun-2131.32222.4088.914
Jul-2131.80122.5249.277
Aug-2131.39921.7739.626
Sep-2131.16221.10810.053
Oct-2131.11320.72510.388
Nov-2132.43521.71210.723
Dec-2132.82621.9710.856
Jan-2233.35122.15911.192
Feb-2232.49721.28611.211
Mar-2232.48821.15111.338
Apr-2231.47420.44211.033
May-2231.40220.610.802
Jun-2230.38120.0710.312
Jul-2228.43719.0619.376
Aug-2227.70618.5689.138
Sep-2226.49817.688.818
Oct-2225.78617.1658.622

The number of new loan commitments to owner-occupier first home buyers fell 3.2 per cent in October 2022, after a revised fall of 4.0 per cent in September. First home buyer loans in October were 47 per cent below the January 2021 peak and similar to 2019 levels.

Aus *NSWVicQldSAWATasNTACT
Owner-occupiers
Value ($b) :17.25.35.13.21.01.80.30.10.4
Value % change ** :-2.9-3.4-2.1-3.3-3.21.5-5.6-3.0-10.5
Owner-occupier first home buyers
Number % change ** :-3.2-1.7-4.1-1.3-1.90.0-14.6 †-8.1-2.3
Investors
Value % change ** :-2.2-0.1-1.1-7.8-3.0-0.9-0.21.62.6

* Total Australia levels do not necessarily equal the sum of states, due to independent seasonal adjustment

** All movements are on a month-to-month basis

† A smaller and more volatile series

The value of new loan commitments for fixed term personal finance fell 0.5 per cent in October 2022. This was driven by a 3.8 per cent fall in lending for the purchase of road vehicles.

/ABS Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.