news

Borrowers show poor appetite for debt

By webmaster

Borrowers remain cautious about borrowing money, new data has revealed.

According to the latest data from the Australian Bureau of Statistics, total credit provided to the private sector by financial intermediaries rose by 0.2 per cent in July.

Over the year to August, total credit rose just 2.7 per cent – distinctly less than the decade-average rate of 10.5 per cent.

RP Data’s Cameron Kusher said the data came as no surprise, with many borrowers preferring to pay off their mortgage than take on greater debt.

“People are adverse to debt at the moment,” he said.

“They are happy to stay in their current houses for longer and I think this is a trend we will see for some time – especially while there are ongoing problems overseas.”

Borrowers show poor appetite for debt
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%