Highlights
Sale Settlements
- Sale settlements with a new loan in Oct-22 were down 0.3% on Sep-22, and down 6.6% on Oct-21.
Refinances
- Refinance settlements were up 2.4% on Sep-22, and 10.9% higher YoY.
Trends
- Major banks showed a sharp increase in their net position for new mortgages and also grew their net-positive position in refinances further in October vs non-major banks.
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 down 0.3% on Sep-22, and down 6.6% on Oct-21.
Residential/commercial
- Residential new loans were up 0.6% MoM, and down 6.0% YoY.
- Commercial new loans were down 17.7% MoM and down 19.6% YoY.
Greater Melbourne/rest of VIC
- Greater Melbourne Area new loans were up 0.5% MoM in Oct-22, a 0.5% decline YoY.
- Rest of VIC was down 2.8% MoM and 22.0% decline YoY.
Refinances
- Oct-22 was up 2.4% on Sep-22, and 10.9% higher YoY.
Wins & losses
New loans
- Major banks showed a sharp increase in their net position for new mortgages.
- Non-major banks’ net-positive position shrank sharply in October
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.
