However, the figures for total lending jumped by such a margin that something doesn't quite seem to stack up.
It appears likely that the aggregate data may have been skewed northwards to an unknown extent this month, with lenders having repriced investment loans further above owner-occupier rates.
Where a borrower with an existing investment loan has consequently persuaded a lender to reclassify it to a home loan, this may have been recorded as "new lending", and not refinancing (h/t UBS, h/t Dr. Chris Caton, BT Financial Group).
And so, therefore, it seems that at least a small portion of the "growth" in lending in August was bogus.
Given this anomaly it makes sense to attribute more weight to growth in the stock of outstanding credit and the Reserve Bank's Financial Aggregates data, which I analysed here last week.
Total lending rises
While we may argue the toss over loan classification between investors and owner-occupiers, home lending did appear to gather some pace in August, with a huge surge in total lending to $34.3 billion.
This was by far the greatest figure on record attributed to any month of lending, and an annual increase of more than 20 per cent.
Liaison with mortgage brokers has suggested that this strong level of activity may carry right through until Christmas.
In dollar value terms, the state level data revealed an enormous ramp up in home lending in New South Wales and Victoria with all previous monthly records shattered.
On this evidence, plenty of refinancing took place in Sydney and Melbourne.
There was also a cheeky uplift in home lending in South Australia in August.
Monday's Lending Finance data will shed more light on investor lending, and to what extent investors have rotated away from the hot Sydney market towards Brisbane or elsewhere.
I looked at the previous month's result here.
Overall, this was an apparently huge result - indeed, the greatest ever month of housing finance lending - but one which may temper over the next month or two given the potential loan reclassification issues noted above.
In the meantime, it is probably prudent to pay more heed to the Reserve Bank's credit aggregates than total housing finance data.