Decrease in New Owner-Occupier Dwelling Loans in Australia,

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Article: The Australian Bureau of Statistics (ABS) has reported a 2.

January 2024.

This decrease follows a consecutive decline in the past two months.

However, in trend terms, owner-occupier lending has grown by 1.

Mish Tan, the ABS head of finance statistics, stated that the recent improvements to loan processing times have led to an increased number of loans being processed during peak periods compared to previous years.

On the other hand, the number of refinanced owner-occupier home loans between lenders dropped by 7.

This decline can be attributed to lenders reducing competitive cashback offers.

In January 2024, the number of owner-occupier first home buyer loans also experienced a decline of 6.

However, compared to January 2023, these loans were 4.

The value of these loans fell by 6.

Notably, the average loan size for first home buyers increased from $485k to $514k over the year.

Furthermore, ABS data revealed a 6.

This growth was primarily driven by a 5.

For more detailed information, refer to the Lending Indicators, Australia report.