Sale settlements with a new loan in Sep-22 were down 2.7% on Aug-22, and down 10.2% on Sep-21.
Refinance settlements were down 5.7% on Aug-22, and 4.4% lower YoY.
Major banks entered a net-positive position in refinances while non-major banks slid into a net-negative position 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.
Total: Sep-22 was down 2.7% on Aug-22, and down 10.2% on Sep-21.
Residential / commercial
- Residential new loans were down 3.3% MoM, and down 10.3% YoY.
- Commercial new loans were up 9.6% MoM and down 7.6% YoY.
Greater Melbourne / rest of VIC
- Greater Melbourne Area new loans were down 3.0% MoM in Sep-22, a 10.7% decline YoY.
- Rest of VIC was down 1.6% MoM and 8.3% decline YoY.
- Sep-22 was down 5.7% on Aug-22, and 4.4% lower YoY.
Wins & losses
- Non-major banks’ net-positive position increased sharply compared to Aug-22.
- Major banks’ net-positive position remained roughly flat compared to Aug-22.
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.
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