The rise in March comes after February's fall of 3.5% after reaching a record high of $33.9 billion in January, according to data released today from the Australian Bureau of Statistics (ABS).

Rises in the value of owner-occupier loan commitments were reported in all states and territories, while investor lending rose 2.9%. 

The average owner occupier home loan value (including construction and the purchase of new and existing dwellings) rose $7,000 to $600,000.

ABS head of Finance and Wealth Amanda Seneviratne said following falls in January and February, the number of new loan commitments to owner-occupier first home buyers rose 4.2%, but still remains significantly lower than last year. 

"Owner-occupier lending was 32.8% lower than the near record high a year ago," she said.

"Reduced first home buyer lending over the past year partly reflects an unwinding of COVID-19 related incentives such as HomeBuilder."

"The value of new investor loan commitments reached a record high of $11.7 billion in March and was the key contributor to the rise in the value of new housing loan commitments."

With the exception of February 2022, the value of investor loan commitments has had monthly increases since November 2020.

In March, increases were reported for all states and territories with high proportional increases in Queensland (6.7%), South Australia (8.5%), Western Australia (5.9%), the Australian Capital territory (14.9%) and the Northern Territory (32.4%).

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First home buyers

In March 2022, the number of new loan commitments rose 4.2% at the national level for owner-occupier first home buyers (seasonally adjusted). 

New South Wales rose 12.5%, Queensland rose 5.9%, Western Australia rose 6.5%, Australian Capital Territory rose 44.2%, in Victoria rose 1.1%, in the Northern Territory rose 19.6%, and in South Australia rose 0.5%, while Tasmania fell 3.2%.

Personal finance loan commitments

The value of new loan commitments for fixed term personal finance fell 0.4% (-$10 million), ending consecutive monthly rises from September 2021. This was driven by a 2.2% fall in commitments for the purchase of road vehicles (-$29 million).

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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 Star Customer Ratings
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  • No application, ongoing monthly or annual fees.
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Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
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  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
 Disclosure
5.69% p.a.
6.16% p.a.
$2,899
Principal & Interest
Fixed
$0
$530
90%
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Image by Jeremy Rickett via Unsplash



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