TLDR & TLDL: Fresh Reserve Bank data on new mortgage lending in February shows the banks are turning the credit tap into the housing market back on as the CCCFA rules are loosened and as banks come back out of their shells after the abrupt halt caused last year by the Reserve Bank’s tightening of LVR rules.
New lending rose by 22.3% or $1.0b to $5.7b in February from January, which the Reserve Bank said was the fastest growth for a February since 2018. Meanwhile, a survey of mortgage brokers found bankers more willing to lend than at any time since June last year. Paid subscribers can see more detail and my analysis below the paywall fold.
Elsewhere in the news this morning:
US President Joe Biden is meeting European leaders in Brussels this morning to discuss tougher sanctions on Russia and sending more military aid to Ukraine, although Ukraine’s leader criticised those at the meeting for not doing enough to help;
oil prices fell a bit on hopes the meeting of leaders might lead to the release of more oil stocks, and on fresh signs Germany won’t (or can’t) allow a block on Russian oil exports; and,
Britain announced it would send 6,000 missiles to Ukraine and help pay the salaries of Ukraine’s fighter pilots.
Paid subscribers should watch out for email invites to my Friday ‘Ask Me Anything’ about the week that was just before midday today, and then the invite to our weekly ‘hoon’ webinar with Peter Bale and guests. The invite link is below the fun thing at the bottom of the full email, which is only available to paid subscribers.
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