Credit for housing rose 0.6 per cent in September, easing back a notch from the 0.7 per cent rise, the strongest rise in five years, the month before.

The seasonally adjusted figures from the Reserve Bank of Australia on Friday showed moves to discourage lending to investors were having an effect, with the outstanding value of home-buyer loans rising at its fastest pace since 2009, but investor loans growing at their slowest pace for over two years.

Annual growth in investor housing loans was 10.4 per cent, above the financial regulator’s line for individual institutions, but the six-monthly growth rate has fallen below the 10 per cent pace for the first time since early 2014.

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The Australian Prudential Regulatory Authority imposed the 10 per cent annual growth limit on investor loans in December 2014, giving banks 12 months to come in under the limit or face penalties.

Banks responded in early 2015 by tightening lending standards to investors, as well as increasing interest rates on investor mortgages.