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Home loan approvals increase 81% in August

"Loans approved for house purchase have recovered to early-2008 levels, but low levels of customer demand and a limited number of properties coming onto the market will continue to moderate lending. In reaction to the economic conditions, consumers appear to be building up their savings and controlling their appetite for unsecured borrowing.

"Lending to a range of company sectors expanded in August, with the manufacturing and construction sectors the only areas showing net repayments. In the latter case, this continues the sector’s steady contraction in borrowing seen throughout this year."

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