Highlights
New loans
- Sale settlements with a new loan in Oct-22 were down 3.5% on Sep-22, and down 7.2% on Oct-21.
Refinances
- Refinance settlements were steady on Sep-22, and 30.7% higher YoY.
Trends
- Major banks continued to gain in refinances vs non major banks in Oct-22.
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 3.5% on Sep-22, and down 7.2% on Oct-21.
Greater Perth/rest of WA
- Greater Perth Area new loans were down 4.3% MoM in Oct-22, a 5.8% decline YoY.
- Rest of WA was up 0.6% MoM and 13.1% decline YoY.
Refinances
- Oct-22 was down 0.0% on Sep-22, and 30.7% higher YoY.
Wins & losses
New loans
- Non-major banks’ net-positive position in new loans shrank significantly in October.
- Major banks entered a net-positive 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
- Non-major banks continued to lose out on refinances to major banks, widening their net-negative position.
- Major banks grew their refinances further in Oct-22 vs non-major banks, widening their net-positive position.
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.
