 Home loans rise in number
Australians are happy to take on new loans for property, but not for much else.
The Australian Bureau of Statistics data shows that personal loans are falling to low amounts, not seen since November 2005. Personal debt shoed to be falling by 2.9 per cent in May, from April.
However, the value of home loans in the same month rose 2.3 per cent, to a record $17.05 billion.
Demand for mortgages has picked up sharply since last October due to low interest rates and a record influx of first-time home buyers because of a more generous grant from the federal government.
With tough economic times many are shying away from personal loans and debt, but see property as a good investment.
Monday's lending finance report indicates that commercial borrowing rose by 4.0 per cent in may to $28.26 billion, while lease finance fell 1.9 per cent to a nine-year low of $412 billion.
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