Official data has found a rise in home loan demands (0.3%) in October was more than expected.

The Australian Bureau of Statistics said the increase in the number of home loans granted saw seasonally adjusted terms to 51,720.

The expected number of housing finance commitments set by Bloomberg-surveyed economists was a rise of 0.1%.

Total housing finance by value went up 1% during the same period, seasonally adjusted, to $29.20bn.

Meanwhile, the value of investor lending rose 1% in the month to $12.09bn.