Official figures show Australians are taking out home loans at the slowest annual pace recorded, indicating the property downturn may be far from over.

Figures from the Reserve Bank show total lending to the private sector grew 0.4 per cent in December, with the amount Australians borrowed rising by only 3.6 per cent last year.The data shows housing credit remains the most consistently robust category of borrowing, with a 4.5 per cent rise over the past year.However, that annual growth rate is the slowest in the Reserve Bank figures which go back to 1977.Home lending growth of 0.3 per cent in December is also one of slowest monthly increases recorded.Within the property sector, it is owner-occupiers that are more reluctant to take out loans, with a 4.1 per cent rise in finance over the past year compared with a 5.5 per cent rise for investors.