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New mortgages lift nationally over June: PEXA

The number of new loans across Australia increased last month, yet these figures remain significantly lower compared to 12 months ago.

According to PEXA’s latest figure, in NSW, new loans increased month-on-month over June by 1.2 per cent across the state. 

The bulk of this momentum, however, was reported in regional NSW, which increased 6.3 per cent month-on-month.

By comparison, greater Sydney saw a monthly loss of 5.4 per cent. 

Queensland also reported new loans growing, increasing by 6.5 per cent over the month of June, with a fairly even spread across the state. 

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According to the results, greater Brisbane loans were up 6.9 per cent month-on-month, while the rest of the state was up 6.2 per cent over this same period. 

Victoria reported the greatest surge in new loans across the four states over June, reaching a sum 13.9 per cent higher than what was recorded over May.

As highlighted by these results, this was driven entirely by an 18.1 per cent lift month-on month across greater Melbourne. 

The rest of the state was reported as flat in growth over the month. 

Western Australia too reported a lift in new loans, rising by 1 per cent over the first month of winter. 

Perth contributed little to this escalation, lifting by 30 bps over this period. The rest of the state by comparison saw increased popularity, boosting by 4.5 per cent. 

However, while these figures suggest a momentum is continuing for new loans, they also indicate significant changes to the country’s borrowing appetite over the past 12 months. 

According to these figures, across NSW, the number of new loans in June 2022 was 18.4 per cent smaller than what was recorded during June 2021. 

Queensland also reported significant loss, falling by 4.4 per cent over the 12-month period, while Western Australia fell by 20 bps.  

Victoria, despite its recent bump, also recorded a loss of 7.1 per cent year-on-year. 

Refinances continue lifting trends upwards

But despite this yearly loss in new loans, refinancing has continued to steam forward, increasing across the country. 

Victoria, again, reported the highest monthly growth, lifting by 10.8 per cent over June. 

Queensland and NSW reported similar hikes at 10.4 and 10.3 per cent respectively. 

Western Australia also reported growth at 6.9 per cent. 

However, compared to 12 months ago, the western state saw a 27.3 per cent lift in refinances, only outdone by Queensland’s 37.1 per cent. 

NSW and Victoria also saw, albeit smaller, year-on-year growth of 7.1 and 11 per cent. 

[Related: Refinances ramping up across Australia: PEXA]

New mortgages lift nationally over June: PEXA
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