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Analysts at TD Securities note that the Australia’s home loans crashed by -2.8%/m (mkt -0.5%) spread across owner-occupiers and investors.

Key Quotes

“In Q1 the biggest drag was finance for new owner-occupier (-14.3%/q) while the positive was +1.8%/q for construction of owner-occupied. Investor finance fell -9%/q whether we include refinance or not. However, we stress that “original” data was quite strong (eg +7.8%/m for owner-occupiers) but, these increases were seasonally adjusted away and more.