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with that increase in the speed limit, people are showing a bit of a willingness to take up that higher LVR debt.
Yeah, so, yeah, some kind of return to normality.
I mean, obviously, the December numbers were just sort of off the charts in terms of craziness with all that bank switching going on or refi, as it's called in the industry.
So, yeah, it all came back off that massive peak in January, which was as expected.
And we've already seen that the sales volumes numbers dropped.
tail off.
So you'd anticipate the same thing to come through in the lending data.
So we definitely saw that.
About $14 billion of lending in December, as I say, driven by that bank switching, came back to about $6 billion in January, which there's going to be a seasonality thing in there as well with January always being quieter.
So it was always likely to fall.
But when you compare January back to January 2025,
it was still up about a billion dollars or 900 million so you know not bad in its own right it just looks quite soft on a chart when you're comparing it back to that crazy december spike so um yeah it wasn't a bad month but quieter than december
All the loan types pretty much settled back.
House purchase activity was down a little bit year on year, down around 5% in dollar terms.
So, yep, that was kind of expected too because it did look like there was a bit of sort of a pull forward of activity into December.
Maybe people were trying to lock in some cashbacks there as well.
So, yeah.
you know that house purchase activity for January was was a little bit softer not too bad but kind of had the expected fall switching was actually still you know pretty strong compared to anything other than December you know going back to November or prior there was still a bit of activity there and I'd been into the banks a couple of times over the past few weeks and they did expect
I suppose just a little bit of a tail end of that switching activity.
You know, there was always going to be, I guess, a bit of a lag there with some loans to actually get them drawn down.