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New FNB figures on mortgages, credit
According to the latest FNB figures, the household sector credit growth continues acceleration, but there is no improvement in mortgage growth. September's mortgage growth remained unchanged at 4.8% year-on-year and the overall household sector credit growth continued its acceleration from 5.6% to 6.3% year-on-year.
The SARB stats for new residential loans granted showed a significant decline in growth in the 2nd quarter and this weakening in growth in new lending may be just starting to have an impact on the overall mortgage book, causing a levelling off in growth.
According to John Loos, FNB Home Loans strategist, the high household debt-to-disposable income ratio continues to keep the household sector vulnerable to future interest rate hiking or economic slumps.
