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Home loan approvals rose 1.1% in May

The number of home loan approvals rose in May, the latest ABS housing finance figures show

The number of home loan approvals for owner occupiers increased 1.1 per cent in May, ahead of market expectations of a 2.0 per cent fall.

The value of total housing finance was up 0.5 per cent at $31.906 billion for the month, seasonally adjusted data from the Australian Bureau of Statistics shows.

The value of new home loan approvals for owner-occupiers was up 0.7 per cent, while the value of investor loans was down 0.1 per cent.

The Australian dollar barely moved on the data's release, trading at 74.16 US cents at 1145 AEST, compared to 74.15 just before.