Banks provided $6.796 billion in new residential mortgage lending in November, up 11.8% compared to October and up 9.2% compared to November last year, according to the Reserve Bank.
The biggest growth was lending to investors, who received $1.363 billion in new mortgage funding in November, up 14% compared to October and up a whopping 24.9% compared to November last year.
They were followed by first home buyers who received $1.243 billion in November, up 12.8% for the month and up 21.2% compared to a year ago.
Other owner-occupiers received $4.119 billion in new mortgage funding, up 11.1% compared to October but only up a paltry 1.9% compared to November last year.
Of the $6.796 billion of total new lending in November, $1.38 billion (20.3%) was for mortgages with loan-to-valuation ratios (LVRs) that were greater than 80%.
That compares with $1.073 billion (17.2%) of new lending that had LVRs above 80% in November last year.
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