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Home loans rise in Australia

ABS figures show that financial commitments on owner occupied housing has risen.

Home loans on Australian properties are continuing to rise, new figures from the Australian Bureau of Statistics (ABS) show.

From July to August 2013, the trend estimate for housing finance for occupation commitments rose by 0.4 per cent from $15.24 million to $15.499 million.

This figure included financial commitments on the construction and the purchase of new dwellings as well as the purchase of established properties.

Part of the reason for the rise in financial commitments on housing is due to the increased consumer confidence within the Australian property market at the moment.

As more people are keen to buy houses, there are fears of a shortage which is putting more pressure on to see new houses constructed.

Additionally, there are initiatives available in a number of states to encourage first time buyers to purchase a new dwelling. Many of the First Home Owner Grants have been increased for the purchase of new homes, although this is often at the extent of their availability on established properties.

Posted by Steve Douglas

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