Lending firms thanks to construction
Borrower-accepted loan commitments drove 0.7 per cent higher to a fresh record of $22.68 billion in October 2020.
The strong result partly reflects a surge in construction loans, again driven by the HomeBuilder stimulus.
Overall, investor lending remained modest, though it is now increasing.
The strong result came despite a drop in homebuyer activity in Victoria, with strength in lending across the other mainland states.
There was also a drop in first homebuyer numbers in Victoria, but this didn't prevent the highest result since 2009 as New South Wales and Western Australia ploughed on.
Overall, a solid result almost across the board, especially for construction lending, and Victoria will likely rebound once the disruption from the shutdown washes through.
