Sale settlements with a new loan in Sep-22 were down 6.0% on Aug-22, and down 9.1% on Sep-21.
Refinance settlements were down 2.9% on Aug-22, and 16.0% higher YoY.
Major banks continued to gain market in refinances vis-à-vis non major banks in Sep-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.
Total : Sep-22 was down 6.0% on Aug-22, and down 9.1% on Sep-21.
Greater Perth / rest of WA
- Greater Perth Area new loans were down 3.8% MoM in Sep-22, a 6.5% decline YoY.
- Rest of WA was down 15.1% MoM and 19.9% decline YoY.
Sep-22 was down 2.9% on Aug-22, and 16.0% higher YoY.
Wins & losses
- Non-major banks saw their net-positive position in new loans decrease marginally compared to Aug-22.
- Major banks’ net-negative position shrank slightly in Sep-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.
- Non-major banks continued to lose out on refinances to major banks, widening their net-negative position.
- Major banks grew their refinances further in Sep-22 vis-à-vis 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.
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