Home Loans Eased In October

Dec 11, 2009 - Boris Chan

October is the first month that home loans have eased since the Reserve Bank began to raise interest rates.

Data released by the Australian Bureau of Statistics earlier this week has shown a 1.4 per cent seasonally adjusted fall on the previous month.

Economist had predicted that there would be a 2.0 per cent decline.

First home buyers continued to account for 26 per cent of secured loans during the month of October as opposed to 26.1 percent in September and a peak of 28.5 per cent in May.

Low interest rates and the housing grant have enticed borrowers to take advantage of mortgage loans.

A stronger Australian dollar has led to lower exports and weaker terms of trade. Economist has predicted a $1.8 billion shortfall. Exports fell by 3 per cent, while imports reduced by one per cent.

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