Borrowers refinancing their home loans kept lending data high in June, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the value of total housing loan refinancing between lenders fell 3.1% but remains high at $20.2 billion in June 2023.
The value of total refinancing between lenders was 12.6% higher in June compared with a year ago.
ABS head of finance statistics Mish Tan said that refinancing activity has remained at record highs in recent months, as borrowers continued to switch lenders amid interest rate rises.
Excluding refinancing, the value of new owner-occupier loans fell 2.8% to $15.9 billion in June. The value of new investor loans rose 2.6% to $8.7 billion, 15.0% lower compared to a year ago.
The number of new loans taken out by first home buyers fell 0.8% over the month to June, down 12.2% compared to a year ago. This figure is around half the level seen in January 2021, when first home buyer lending peaked during the COVID-19 pandemic.
