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Australia Home Loans Slip 2.7% On Month In August

The total value of owner-occupied home loans in Australia was down a seasonally adjusted 2.7 percent on month in August, the Australian Bureau of Statistics said on Tuesday, coming in at A$18.54 billion.

That exceeded expectations for a contraction of 3.5 percent following the 7.0 percent drop in July.

Investment lending sank 4.8 percent on month at A$8.85 billion after dropped 11.2 percent in the previous month.

Overall housing loans were down 3.4 percent on month at A$27.39 billion.

On a yearly basis, owner-occupied loans were down 15.1 percent, investment lending fell 6.4 percent and overall loans dropped 12.5 percent.

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