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October a bit better for niche lenders

11 December 2008 6:07PM
Non-bank lenders had a slightly better month in October than at any time since the crunch hit 15 months earlier, with the sector reclaiming a minor amount of market share from the banks and a rise in the level of the average loan.The value of new commitments for housing finance increased by 1.9 per cent on a seasonally adjusted basis in October over September, the Australian Bureau of Statistics reported.New lending increased by 5.5 per cent for non-bank lenders over the month and by 2.2 per cent for banks. The average loan for a non-bank lender increased to $187,000 from $184,000, still well below the average in the boom.

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