The value of new housing finance commitments fell 4.4 per cent in June, compared with the previous month. The A$30.97 billion of new lending during the month was 2 per cent down on the same time last year. 

According to the latest Australian Bureau of Statistics lending data, new lending to owner occupiers was down 3.3 per cent May and down 9.6 per cent over 12 months.

New lending to residential property investors was down 6.3 per cent month-on-month and up 17.3 per cent over 12 months.

The market peaked in January, when there was $33.2 billion of new housing finance commitments – the highest figure in the ABS data set. The fall from the peak is 6.9 per cent.

External refinancing rose 6.3 per cent month-on-month to $18.1 billion.

Average loan size, which peaked at $617,608 in January, fell from $615,054 in May to $609,789 in June.

First home buyer numbers continued to fall. There were 9393 first home buyer commitments in June – down 8 per cent month-on-month and down 32.2 per cent over 12 months.

According to the latest Reserve Bank lending data, lenders’ mortgage balances rose 0.6 per cent in June and 7.8 per cent over 12 months.

Owner occupier balances were up 0.6 per cent month-on-month and 8.6 per cent over 12 months. Investor loan balances were up 0.6 per cent month-on-month and 6.4 per cent over 12 months.

APRA data shows that ANZ is at last starting to achieve some growth in its home lending business. Its book grew by 0.4 per cent in June – still below system. NAB is the only one of the big four banks currently growing above system.