ANZ, NAB grow mortgage lending books
(2 October 2012 – Australia) Banks are battling for mortgage share yet again as demand for home loans appear to have stalled again.
ANZ and National Australia Bank (NAB) have continued to pile on market share at almost double the rate of their two big rivals, Westpac and Commonwealth Bank of Australia (CBA).
Monthly banking figures compiled by the Australian Prudential Regulation Authority (APRA) show ANZ has piled on the fastest growth in mortgage sales over the past year, growing its lending book by 8.6 percent.
This is slightly ahead of NAB, which is growing its mortgage book at 8.3 percent, mostly through the use of discounts to lure new customers.
Market heavyweights CBA and Westpac have both ceded market share in mortgages, growing 4.5 percent and 4.1 percent respectively, the APRA figures show.
Over the past month NAB's mortgage lending book has grown at twice the pace of both Commonwealth Bank and Westpac, while ANZ's rate of mortgage growth has started to slow.
The banking sector continues to battle a near three-decade low in the pace of demand for mortgages, with annual growth in housing loans running at just 5 percent as nervous consumers pay down debt.
However, consumers have poured funds into deposits at a record pace with more than A$97.6 billion worth of household deposits ploughed into the banking system since January.
Monthly banking figures compiled by the Australian Prudential Regulation Authority (APRA) show ANZ has piled on the fastest growth in mortgage sales over the past year, growing its lending book by 8.6 percent.
This is slightly ahead of NAB, which is growing its mortgage book at 8.3 percent, mostly through the use of discounts to lure new customers.
Market heavyweights CBA and Westpac have both ceded market share in mortgages, growing 4.5 percent and 4.1 percent respectively, the APRA figures show.
Over the past month NAB's mortgage lending book has grown at twice the pace of both Commonwealth Bank and Westpac, while ANZ's rate of mortgage growth has started to slow.
The banking sector continues to battle a near three-decade low in the pace of demand for mortgages, with annual growth in housing loans running at just 5 percent as nervous consumers pay down debt.
However, consumers have poured funds into deposits at a record pace with more than A$97.6 billion worth of household deposits ploughed into the banking system since January.