New mortgage lending has dropped sharply to its lowest value in 12 months, while refinancing has hit a historic high, latest housing finance figures reveal.
The Australian Bureau of Statistics data, released Thursday, showed the total value of mortgage lending actually increased by 2.8% in May 2020 to $31.5 billion – but broken down, $16.4 billion went to new loans and $15.1 billion to those refinancing – with the latter a record high value.
Lending for new mortgages dropped sharply in May 2020. Picture: Getty
Cameron Kusher, realestate.com.au’s executive director of economic research, said the unusual trends reflect the height