Today’s new mortgage data from the Australian Bureau of Statistics (ABS) recorded a big fall as the COVID-19 shutdown took effect:
The next chart plots the time series:
Total new mortgage commitments (excluding refinancings) dived by 11.6% in May, with owner-occupied mortgages falling 10.2% and investor mortgages falling 15.6%.
Year-on-year, total new mortgage commitments (excluding refinancings) rose by 1.8%, with owner-occupier mortgages rising by 7.3% and investor mortgages collapsing 19.3%:
First home buyer (FHB) mortgages fell 1.9% in April, with their share of total mortgages at 22.3%:
Pretty much as expected.