Strong September for home lending

Total lending jumped to $5.5 billion in September, up from $4.7 billion in September last year and $4.5 billion in September 2017, according to newly-released figures.

Investor lending stayed largely flat at $1.07 billion, up from $1.01 billion in September last year. First home buyers represented $967 million of total lending, up from $821 million in the same month last year.

Other owner-occupiers again dominated with $3.4 billion of the market, up from $2.8 billion in September 2018.

Analysts credited the lending increase to banks' relaxed serviceability rules. Australian regulator APRA abolished its minimum testing rate for banks in August, and the move is acknowledged to have had an impact here.