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Australia Home Loans Plummet 10.2% On Month In May

The total value of owner-occupied home loans issued in Australia tumbled a seasonally adjusted 10.2 percent on month in May, the Australian Bureau of Statistics said on Thursday - coming in at A$12.31 billion.

That missed expectations for a fall of 7.5 percent and followed the 5.0 percent decline in April.

Investment lending plummeted 15.6 percent to A$4.10 billion after slipping 4.2 percent in the previous month.

Loans fell 11.6 percent for housing, rose 14.5 percent for personal fixed term loans and rose 3.6 percent for business construction.

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