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Refinancing reaches new high

The number of borrowers refinancing their home loans reached a new high in May, according to new data released by the Australian Bureau of Statistics (ABS).

The latest figures show that the value of new loans for housing rose 4.8% to $24.9 billion in May 2023, after a fall of 1.0% in the previous month.

The total value of new owner-occupier loans rose 4.0% to $16.4 billion in May, while the value of new investor lending rose 6.2% to $8.5 billion.

Excluding land and alterations, additions, and repairs, the value of new owner-occupier lending rose 4.2% to $15.3 billion. The number of these commitments rose 5.1% to 26,253.

Compared with pre-COVID 19 pandemic levels in February 2020, lending to this sector was 17% higher in May 2023, while the number of loans was down 0.2%. The average value of these loans has risen by 21.8% (in original terms) over the period.

First home buyers are back in the market, with the number of new owner-occupier first home buyer loans rising 2.7% after a fall of 0.3% in April. Nevertheless, this was 17.4% lower compared to a year ago.

Refinancing reached a new high in May, with the value of owner-occupier refinances between lenders up by 8.6% to $14.1 billion.

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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