Despite predictions housing finance would flatten or continue to show rises for January, Australian Bureau (ABS) Housing Figures January 2012 released today show the number of owner occupied home loans approved in January fell 1.2 per cent to 47,768.
By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.
The falling of housing finance approvals follows a downwardly revised figure of 48,370 in December.
Economists’ forecasts had centred on housing finance commitments to be flat for January.
Here are the ABS’ Housing Finance January 2012 Key Points:
VALUE OF DWELLING COMMITMENTS
January 2012 compared with December 2011:
■The trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 0.6%. Owner occupied housing commitments rose 0.8% and investment housing commitments rose 0.2%.
■In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions fell 2.3%.
NUMBER OF DWELLING COMMITMENTS
January 2012 compared with December 2011:
■In trend terms, the number of commitments for owner occupied housing finance rose 0.8%.
■In trend terms, the number of commitments for the purchase of established dwellings rose 0.9% and the number of commitments for the construction of dwellings rose 0.4%, while the number of commitments for the purchase of new dwellings was flat 0.0%.
■In seasonally adjusted terms, the number of commitments for owner occupied housing finance fell 1.2%.
■In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell to 20.3% in January 2012 from 20.9% in December 2011.
State by state breakdown
Despite recordings overall showing a fall in numbers, the statistics reveal some Australian states fared better than others:
Number of Owner Occupied Dwellings Financed – State (Tables 5 & 6)
Between December 2011 and January 2012, the number of owner occupied housing commitments (trend) rose in New South Wales (up 275, 1.8%), Queensland (up 141, 1.6%), Western Australia (up 94, 1.5%), Victoria (up 31, 0.3%), the Australian Capital Territory (up 14, 1.7%) and the Northern Territory (up 2, 0.7%), while falls were recorded in South Australia (down 14, 0.4%), and Tasmania (down 1, 0.1%). The seasonally adjusted estimates fell in New South Wales (down 1,003, 6.3%), the Northern Territory (down 29, 8.3%) and the Australian Capital Territory (down 16, 1.8%), while rises were recorded in Western Australia (up 240, 3.8%), Victoria (up 117, 0.9%), South Australia (up 39, 1.3%), Tasmania (up 28, 3.2%) and Queensland (up 3, 0.0%).
Where to turn when lending criteria remains tight
When it comes to new home loans, being credit-savvy is one of the best ways to ensure people can ensure they have access to the best interest rates and or the loan that best suits their needs.
Many do not know that Australians who are living with defaults on their credit file could potentially be hit with a whopping $15,046.57 or more in additional home loan repayments over the first three years of their loan due to the restrictions placed on lender availability.
Many of the people that currently have negative listings on their credit file may be living with bad credit history unnecessarily.
To find out how more people can remove their bad credit history – opening doors to lenders that were previously unavailable – contact MyCRA Credit Rating Repairs. Cick on the link to this short video to find out how a professional credit repairer can help you or your clients:
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