There is evidence of "continued weakness" in the property market, one industry expert has noted.
Economist revealed that commitments for home loans have reached new lows.
A piece by the Australian Associated Press noted that the interest rate is causing a problem, while the housing momentum is starting to slow.
Numbers from the Australian Bureau of Statistics showed that housing finance commitments for owner-occupied property fell by 3.9 per cent.
And CommSec economist Craig James said the figures show there is a "continued weakness" in the homes industry, which could now be a worry for the authorities.
"In the last couple of months, investors had served to prop up the overall market, but that wasn't the case this time around," Mr James added.
Moreover, he observed that the economy has lost its way slightly which was shown by a lack of retail and construction spending.
This news comes after the Commonwealth Bank released an Apple iPhone application which allows people to calculate an estimate of their home loan repayments.
By Emma North
