Australia's home loans rise marginally in September

The number of home loans taken out across Australia in September rose 0.9 percent, according to data released on Monday by the Australian Bureau of Statistics (ABS). The ABS reported that 46395 owner-occupied loans were approved in September, compared to 45,983 in August. Economists had expected housing finance commitments to rise 1.0 percent in September. The total value of dwelling finance commitments excluding alterations and additions rose 3.8 percent, with investment housing commitments rising 8.6 percent, according to the ABS. Economists say the figures show home loan value is rising at a faster rate than the number of loans. "That suggests that there's increased confidence by borrowers, or that home prices are edging a little higher," Australian financial firm CommSec chief economist Craig James told the Australian Associated Press (AAP). Australia's St George Bank chief economist Hans Kunnen said the relatively strong housing data meant the Reserve Bank of Australia was less likely to cut the cash rate in December.