--- title: "24712 – Credit Flow" url: https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24710/series-24712/ date: 2026-09-10 modified: 2026-10-04 lang: en author: "Nicklas Clark" description: "APN Codex Node 2471224700 Series — Investment ConditionsCertified Credit Flow Signed Reading 96.6 Stronger credit flow is a supportive condition for investment, so this component enters the index as it..." word_count: 984 --- # 24712 – Credit Flow APN Codex Node 2471224700 Series — Investment ConditionsCertified ### Credit Flow Signed Reading 96.6 Stronger credit flow is a supportive condition for investment, so this component enters the index as it reads. Intensity Reading 96.6 How far the reading sits from its own historical centre, without regard to direction. Both ranked against 30 quarters · as of the quarter ending 30 June 2026 1What It Measures Credit Flow measures the **volume** of new housing lending actually written by Australian banks in a quarter — how much money moved, in dollars, to owner-occupiers and to investors. The node is a component of Financing & Volatility Conditions (24710), which in turn sits within the APN Investment Conditions Index™ (24700). It is a **national time series**, not a geographic one — there is no locality distribution or map at this node. It is reported separately from Cost of Capital (24711) and Lending Standards (24713) because volume, price and credit quality are three different properties of a lending market and can move independently of one another. 2Composite Construction | Component | Source | Weight | | --------- | ------ | ------ | | New housing loans funded, owner-occupied | APRA QPEX | 50.0% | | New housing loans funded, investment | APRA QPEX | 50.0% | Both inputs come from the Australian Prudential Regulation Authority's Quarterly Property Exposures collection, which reports term loans funded during the quarter. They are combined at equal weight, so a movement in owner-occupier lending and an equal movement in investor lending carry the same influence on the reading. 3Current Reading in Context | Measure | Quarter to Jun 2026 | Standardised | | ------- | ------------------- | ------------ | | Owner-occupied loans funded | $123,608m | +1.44 | | Investment loans funded | $71,067m | +1.90 | | Composite | — | +1.67 | The June 2026 quarter is the most recent quarter for which both inputs are available. The standardised column expresses each against its own comparison window. 4Reading History Credit Flow (24712) · Reading HistoryNode Z-Score by Quarter, March 2019 to June 2026+1.6709σ · position 96.6, ranked against 30 quarters**Reading, ranked quarters**Normal range (middle 80% of ranked quarters)**Current readingThe June quarter 2026 reading, +1.6709σ, ranks 96.6 against 30 quarters and sits above the normal range of −1.3940σ to +1.3154σ. The highest ranked reading was +2.1826σ in the December quarter 2025, and the lowest −1.8540σ in the March quarter 2019. Show the data | Quarter | Reading | Basis | | ------- | ------- | ----- | | Q1 2019 | −1.8540σ | Ranked | | Q2 2019 | −1.6232σ | Ranked | | Q3 2019 | −1.3922σ | Ranked | | Q4 2019 | −1.0668σ | Ranked | | Q1 2020 | −1.4101σ | Ranked | | Q2 2020 | −0.9542σ | Ranked | | Q3 2020 | −0.8965σ | Ranked | | Q4 2020 | −0.4805σ | Ranked | | Q1 2021 | −0.4978σ | Ranked | | Q2 2021 | +0.2818σ | Ranked | | Q3 2021 | +0.6366σ | Ranked | | Q4 2021 | +0.7456σ | Ranked | | Q1 2022 | +0.0254σ | Ranked | | Q2 2022 | +0.4089σ | Ranked | | Q3 2022 | +0.1738σ | Ranked | | Q4 2022 | +0.1597σ | Ranked | | Q1 2023 | −0.3255σ | Ranked | | Q2 2023 | +0.2126σ | Ranked | | Q3 2023 | +0.2145σ | Ranked | | Q4 2023 | +0.2736σ | Ranked | | Q1 2024 | −0.3302σ | Ranked | | Q2 2024 | +0.5555σ | Ranked | | Q3 2024 | +0.6690σ | Ranked | | Q4 2024 | +1.0806σ | Ranked | | Q1 2025 | +0.3398σ | Ranked | | Q2 2025 | +1.2854σ | Ranked | | Q3 2025 | +1.5857σ | Ranked | | Q4 2025 | +2.1826σ | Ranked | | Q1 2026 | +1.1321σ | Ranked | | Q2 2026 | +1.6709σ | Ranked | 5Reading the Pattern New housing lending volumes in the June 2026 quarter sit **above their recorded averages on both measures**, with the composite reading of +1.67 placing the quarter at the 97th percentile of this node's record. Investment lending is the more elevated of the two at +1.35, against +0.92 for owner-occupied lending. Investor credit is running further above its own recorded norm than owner-occupier credit is above its own. The two categories are measured against separate comparison windows and their standardised readings describe distance from each category's own history, not their size relative to each other — owner-occupied lending remains the substantially larger of the two in dollar terms. Lending volume is elevated in the same quarter that Cost of Capital (24711) records its most elevated reading on record. Volume and price are measured separately here and this node makes no claim about the relationship between them. 6Methodology & Disclosed Caveats - **Short comparison history — disclosure required.** Both inputs begin in the March quarter of 2019, giving twenty-eight quarters of history against the fifteen-year comparison window used elsewhere on the platform. Both are flagged as holding fewer observations than the standard requires. Readings from this node carry that qualification and should not be read as resting on the same depth of history as nodes drawing on the full window. - **The comparison window includes the pandemic period.** A history beginning in 2019 places the 2020–21 lending disruption inside a short record rather than at the edge of a long one, which affects both the average and the spread this quarter is measured against. - **Reporting lag.** The regulator publishes this collection with a delay, so this node's most recent complete quarter will typically sit one quarter behind those drawing on Reserve Bank tables. The parent node combines components as at differing quarters by design. - **Comparison basis.** The position ranks this quarter against the 30 quarters in which both inputs are present. That full-coverage basis is the ratified one across the 24700 series; the all-rows basis is retired. Every quarter in this node's record holds complete coverage, so both bases return 96.6. - **Signed direction.** This component enters the index as it reads: stronger credit flow is a supportive condition for investment. Its signed and intensity positions are therefore identical. 7Other Components The other five components of Financing & Volatility Conditions (24710). Each is independently certified and enters that branch at equal weight. [Node 24711 →Cost of CapitalReads the level of borrowing costs facing property investment, combining the cash rate, government bond yields and retail lending rates.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24710/series-24711/) [Node 24713 →Lending StandardsReads the share of new lending written at high debt-to-income multiples.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24710/series-24713/) [Node 24714 →Interest-Rate VolatilityReads how much the cash rate and short-term bond yields have moved within the quarter, rather than the level they have reached.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24710/series-24714/) [Node 24715 →Inflation VolatilityReads the variability of year-ended consumer price inflation across a rolling two-year window.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24710/series-24715/) [Node 24716 →Exchange-Rate VolatilityReads the variability of the Australian dollar against the US dollar over a trailing twelve months.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24710/series-24716/) [Parent branch →24710 — Financing & Volatility Conditions](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24710/) 8Certification APN Codex Node 24712 — Certified - Certified 10 September 2026 as a component of Financing & Volatility Conditions (24710), entering that branch at equal weight with its five siblings - Intensity reading 96.6 and signed reading 96.6, both ranked against 30 full-coverage quarters - Enters the index as it reads: stronger credit flow is a supportive condition for investment - Both inputs carry a short-history qualification, disclosed above and carried into this certification - Findings are presented on the basis of data and evidence alone. 9Methodology [Methodology & RatificationConstruction, sources, weighting, build history and the full disclosed-limitations register for the APN Investment Conditions Index™](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/methodology/)