The amount of money Australia’s home buyers owe their banks rose above $1 trillion for the first time in April.
In percentage terms, the rise in the value of outstanding home loans since March was only a modest 0.5 per cent, but it lifted the annual growth rate to a five-year high of 7.4 per cent.
And it lifted the total of owner-occupier housing debt held by Australian lenders to $1.005 trillion in April from $998.8 billion in March.
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The seasonally adjusted figures from the Reserve Bank of Australia on Tuesday showed the value of home-owner debt is now eight times its level of 21 years ago. Photo: Louise Kennerley