Powered by MOMENTUM MEDIA
subscribe to our newsletter
Hong Kong mortgage drawdowns spike in July

Hong Kong mortgage drawdowns spike in July

The territory saw a 43.6 per cent increase in new home loans drawn down in July, according to the Hong Kong Monetary Authority (HKMA).

The results of the HKMA’s July residential mortgage survey, released yesterday, show the total value of new mortgages drawn down at HK$27.7 billion (AU$5.0 billion), up from HK$19.3 billion (AU$3.5 billion) in June.

The survey results show the number of mortgage applications in July decreased month-on-month by 13.5 per cent to 10,139.

Advertisement
Advertisement

Mortgage loans approved in July decreased by 8.8 per cent compared with June to HK$27.2 billion (AU$4.9 billion). Among these, mortgage loans financing primary market transactions decreased by 24.6 per cent to HK$6.5 billion (AU$1.2 billion) and those financing secondary market transactions increased by 0.6 per cent to HK$15.9 billion (AU$2.9 billion).

Mortgage loans for refinancing decreased by 11 per cent to HK$4.8 billion (AU$0.9 billion).

The ratio of new mortgage loans priced with reference to best lending rates increased from 11.7 per cent in June to 11.9 per cent in July, with the majority priced within the range of 2.0 per cent and 2.25 per cent. The ratio of new mortgage loans priced with reference to HIBOR decreased from 85.8 per cent in June to 84.5 per cent in July.

The outstanding value of mortgage loans increased month-on-month by 1.3 per cent to HK$1,044.2 billion (AU$189.4 billion) at the end of July.

The mortgage delinquency ratio remained unchanged at 0.03 per cent and the rescheduled loan ratio remained unchanged at nearly 0 per cent.

Hong Kong mortgage drawdowns spike in July
mortgagebusiness

 

Latest News

A big four bank has announced that it will cease accepting new SMSF commercial applications unless customers meet new criteria and that it w...

The Federal Court of Australia has for the first time been given jurisdiction over corporate crime and a $35 million funding boost to suppor...

The prudential regulator has released its revised standard on credit risk management requirements for ADIs, which has undergone no major rev...

FROM THE WEB
podcast

LATEST PODCAST: Changes at the lenders continue

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?