The Australian Bureau of Statistics said the value of privately owned home loans fell by 9.3% month-on-month to A$16.81 billion in September on a seasonally adjusted basis.
This is below expectations for a 2.6% decline following August’s 2.7% contraction.
Investment lending fell 6.0% to A$8.33 billion after falling 4.8% in the previous month.
Overall loans fell 8.2% month-on-month to A$25.14 billion.
On a yearly basis, total loans were down 18.5%, personal home loans were down 19.9% and investment loans were down 15.3%.
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