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Refinancing high in December

Borrowers switched lenders in droves to find a better deal throughout December, according to data released this week by the Australian Bureau of Statistics (ABS).

The figures show that the value of loan refinancing between lenders fell 1.5% but remained high at $19.1 billion in December 2022.

The total value of new loans continued to decline in December (4.3% to $23.4 billion), from record high levels seen earlier in 2022. New owner-occupier lending fell 4.2% to $15.6 billion, while new investor loans fell 4.4% to $7.9 billion.

ABS head of Finance and Wealth Sean Crick noted that despite the apparently dire news, lending is still almost one-quarter higher than it was just prior to the pandemic.

“In December 2022, the value of total new housing loans was 23% higher than the level seen in February 2020, prior to the COVID 19 pandemic”, Crick said.

“In December 2021, the value of these commitments was 74% higher than the pre-pandemic level.”

The number of new loans to first home buyers fell 4.2% in December 2022. First home buyer loans in December were 53% below their January 2021 peak and 20% below the February 2020 pre-pandemic level.

About Adam Nobel

CEO | Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA


0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 22 years experience in property investment, and 16 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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