Australia Home-Loan Approvals Gain in November on Rate Cut

16th January (Bloomberg) - Australian home-loan approvals rose in November the eighth straight month of buyers responded to the first central bank interest rate reduction in two years.

Number of loans granted to build or buy houses and apartments gained 1.4 percent since October, when they rose a revised 0.8 percent, the statistics bureau said in Sydney today. The average estimate of Bloomberg News survey 19th Economists had 1 percent increase in approvals.

Reserve Bank of Australia Governor Glenn Stevens lowered the rate a quarter percentage point compared to the first November and 6 December when the debt crisis dimmed the outlook for global growth. The first rate reduction since 2009 in the housing market focused on the pillars, supporting employment and the increasing confidence of consumers who are saving more.

"Mortgage rates in Australia are quite low and the RBA is a 50 basis point rate-limit point, should provide further support lending growth in the coming months," Adam Carr, senior economist at ICAP Australia Ltd. in Sydney, a unit of the world's largest interdealer broker, said before today's report.

State the four largest banks - Commonwealth Bank of Australia, Australia & New Zealand Banking Group Ltd., Westpac Banking Corp and National Australia Bank Ltd - low home loan rates after the RBA move customers.

Rate Cuts

Stevens lowered the overnight cash rate target by 4.5 percent 4.25 percent of sixth December, indicating a "significant Turbulence" in the financial markets and the increased likelihood of "further material growth slowing in the world."

Traders are betting Stevens is probably lower borrowing costs again next central bank meeting in February, the interbank cash rate futures, before today's report showed.

The data showed the total value of loans increased by 2.1 per cent of the $ 20.3 billion (20.9 billion U.S. dollars) in November.

Value of loans to owner-occupiers from 2.2 percent, the report showed. Value of loans to investors who plan to rent or sell homes advanced 1.8 percent.

First-home buyers accounted for 20 percent of dwellings financed in November, up 19.1 percent in October and 16.7 percent higher than a year earlier, the report showed today.

RBA said the quarterly report for the 4th November, for its growth and inflation forecast that the Australian housing market "is still weak."

"Spare unsold homes has not declined significantly, and housing activity is still very low," said the central bank's monetary policy statement. "Population growth is, however, gradually reducing the rest of the house basis and there are some signs that house prices have stabilized, especially in the areas that were less affected by the mid-2000s, overbuilding.

Article source :- http://www.businessweek.com/news/2012-01-16/australia-home-loan-approvals-gain-in-november-on-rate-cut.html


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