DEMAND for home loans continued to wane in February, even before the two latest interest rate increases, data released today shows. Just 50,287 mortgages were granted to owner-occupiers in February, down by a seasonally-adjusted 1.8 per cent compared to January, the fifth consecutive month of decline, Australian Bureau of Statistics data shows.
Economists' forecasts had centred on 1 per cent fall in February home loan commitments.
In trend terms - which the ABS says is a more reliable indicator of underlying movement in the data - the total value of dwelling finance commitments excluding alterations and additions decreased 2.1 per cent in February.
ICAP economist Adam Carr said the lending data would concern the RBA, causing the Bank to reassess the pace of future interest rate rises.
"It's pointing to a sharp, broad-based decline in lending activity," Mr Carr said.
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