Highlights
New loans
- Sale settlements with a new loan in Oct-22 were up 1.7% on Sep-22, and down 22.3% on Oct-21.
Refinances
- Refinance settlements were down 6.5% on Sep-22, and 0.7% higher YoY.
Trends
- Non-major banks fell into a net-negative position in new loans for the first time in over a year.
NOTE: Loan figures quoted include all residential and commercial settlements unless otherwise stated. Any non-monetary settlements such as family transfers or gifts have been excluded.
New loans
Total
- Oct-22 was up 1.7% on Sep-22, and down 22.3% on Oct-21.
Residential/commercial
- Residential new loans were up 2.3% MoM, and down 22.1% YoY.
- Commercial new loans were down 10.3% MoM and down 27.9% YoY.
Greater Sydney/rest of NSW
- Greater Sydney Area new loans were up 8.1% MoM in Oct-22, a 17.4% decline YoY.
- Rest of NSW was down 8.2% MoM and 29.8% decline YoY.
Refinances
- Oct-22 was down 6.5% on Sep-22, and 0.7% higher YoY.
Wins & losses
New loans
- Major banks showed a sharp increase in their net position for new mortgages.
- Non-major banks fell into a net-negative position in new loans for the first time in over a year.
Tip: Wins / losses (new loans) shows the net increase or decrease in mortgages each month for lenders. The calculation takes the total number of new mortgages and subtracts the total number of discharged mortgages for properties that settled in that month. Importantly, it only includes property sale settlements (not refinances) and excludes properties not part of a sale (e.g. if the loan is completely repaid and the mortgage is discharged). ‘Major banks’ include their sub brands and subsidiaries.
Refinances
- Major banks grew their net positive position in refinances further in October vs non-major banks.
Tip: Wins / losses (refinances) shows the net increase or decrease in mortgages each month for lenders. The calculation takes the total number of new refinances and subtracts the total number of discharged mortgages for properties that have refinanced in that month. It only includes property refinance settlements (not sale settlements) and excludes properties not part of a refinance (e.g. if the loan is completely repaid and the mortgage is discharged). ‘Major banks’ include their sub brands and subsidiaries.
