The number of new home loans soared in September as first-home buyers rushed to get benefits of government grants before the First Home Owners’ Boost expires on December 31.

Figures released by Australian Bureau of Statistics showed that the total value of housing finance commitments jumped 4.8 per cent in September.

Loans for the construction and the purchase of new homes jumped 5.5 per cent through September. It was the twelfth increase in the past thirteen months.

As per Australian Bureau of Statistics, 65,505 new loans were issued in September.

Speaking on the issue, Ben Phillips, Senior Economist at HIA said, “The September quarter Construction lending increased by 66.9 percent compared with levels 12 months ago thanks to the first home owners boost.”

Queensland also reported an increase, where owner occupier loans grew by 1.2 per cent.