Aussie home loan lending 'strengthened' in September

Friday 30 October 2009

Article by Mozo

Home loans showed an increase in September, according to new analysis.

The Reserve Bank of Australia released figures that demonstrated an overall 0.2 per cent decrease in loan values compared to the previous month, Bloomberg reports.

Business lending in particular suffered, following a pattern of monthly decline that it has exhibited since January.

However, when it comes to mortgages, more people seem to be looking to compare home loans, since this strengthened throughout the month.

Commenting on the figures, ANZ economist Mandy Joiner told the news provider: "Credit growth to the housing sector was pretty solid. It’s not all doom and gloom in these figures."

He added there may be an element of caution when considering business loans and said there may be cause for concern for a further three to six months.

Despite this, a recent survey found business confidence is at a seven-year high.

The latest quarterly review from the National Australia Bank revealed a 20-point increase between July and September.

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