Total lending commitments fell by 9.7% in October to an 8-month low. It was the largest monthly fall in % terms since March 2008.
This data came at the start of the rate hike process so the worry is that these figures may indicate the slight recovery we have been enjoying is more subdued than suspected. We're likely to see a further drop in leases for instance in January as the 50% government asset purchase bonus runs out and federal assistance to first home buyers ends.
