In a surprising turn of events, Australia’s major banks have steered their loan books into growth territory after quite a hiatus, marking the first widespread uptick since July 2023. Let’s have a peek at what our big players have been up to!
ANZ Our mates over at ANZ saw a solid growth spurt, with their total mortgage book jumping by 0.52%, hitting a respectable $291 billion. That’s right, they’re flexing those lending muscles with the owner-occupier book raking in a 0.78% increase to $195 billion. Plus, their investor book got a good ol’ 0.54% lift to reach a hefty $96.5 billion. Looks like the brokers seem to love them too, as ANZ remains the top choice for a whopping 43% of brokers – talk about being everyone’s fave.
But wait, there’s more! ANZ’s got a little something special up its sleeve – offering a smooth $2,000 cashback on qualifying loans over $250,000 for refinances, with a cool 20% deposit or more.
Commonwealth Bank Now, let’s give it up for the Commonwealth Bank of Australia (or CBA for short) – they’ve seen their mortgage book pop by 0.3%, creeping up to a solid $545 billion with the owner-occupier book peaking at $364 billion. The investors also joined the fun, boasting a steady 0.41% increase to $182 billion. Looks like CBA’s surely on a roll, turning the tides in their favor after a fair few months of ups and downs.
NAB Good ol’ NAB also hopped onto the growth train, with their investor book doing a happy dance with a slight rise upwards after a modest dip – it’s perkin’ up, folks! Their total mortgage book showed a sprightly 0.4% increase to stand tall at $316 billion, with the owner-occupier book also getting a breath of fresh air with a sturdy 0.61% jump to hit $207 billion.
Westpac Lastly, Westpac has been showing some muscle, boosting their total mortgage book by a whopping $1.8 billion (0.39%) to a mighty $461 billion. Looks like the owner-occupier mortgages enjoyed a fun 0.56% increase, hitting $304 billion, with the investors also joining the fun with a light 0.08% hop to stand strong at over $157 billion.
So there you have it – the lending scene ain’t looking back as mortgage demand bucks the trend, pointing to a positive turn since 2021. Looks like our big banks are making those money moves and turning the tides in lending land!
