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Monthly Mortgage Insights 

VIC - November 2021

Highlights

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    New Loans

    Sale settlements with a new loan in Oct-21 were down 4.1% on Sep-21, and up 23.4% on Oct-20.

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    Refinances

    Refinance settlements were down 11.8% on Sep-21, and 18.0% higher YoY.

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    Trends

    Major banks showed an increase in their position for new loans while both majors and non-majors were flat on the prior month.

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-21 was down 4.1% on Sep-21, and up 23.4% on Oct-20. 
 

Residential / commercial

  • Residential new loans were down 10.8% MoM, and up 43.2% YoY. 
  • Commercial new loans were up 23.1% MoM and down 12.7% YoY. 
 

Greater Melbourne / rest of VIC

  • Greater Melbourne Area new loans were down 9.9% MoM in Oct-21, a 36.8% rise YoY. 
  • Rest of VIC was up 14.4% MoM and 1.1% decline YoY. 
 

Refinances

Refinances

  • Oct-21 was down 11.8% on Sep-21, and 18.0% higher YoY. 
 

Wins & losses

New loans

  • Major banks increased their position, remaining ahead of non-majors. 
  • Non-majors showed a decline in new net loans, although remain in a positive position. 
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 remained largely flat on prior month, remaining at low levels in their negative position. 
  • Non-majors were also flat, remaining in a positive position well above the majors. 
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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Disclaimer 

This report provides general market information and is not intended to be an investment report, nor does it constitute financial product advice. The data used in this document is a combination of PEXA data and data acquired from third parties. Any opinions, conclusions or recommendations in this document are based on the information available at the time of its compilation. No representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this document. Any opinions, conclusions or recommendations in this document are subject to change (without notice) and may differ or be contrary to the opinions, conclusions or recommendations expressed by other analysts. Any valuations, projections and forecasts here in are based on a number of assumptions and estimates and are subject to contingencies and uncertainties. Different assumptions and estimates could result in different results. PEXA does not represent or warrant that any valuations, projections or forecasts, or any of the underlying assumptions or estimates, will be met. PEXA is under no obligation to, and does not, update or keep current the information contained in this document. PEXA accepts no liability for any loss or damage arising out of the use of all or any part of this document. All material presented in this report, unless indicated otherwise, is subject to PEXA’s copyright. None of the content may be altered in anyway, transmitted to, copied or distributed to any other party, without PEXA’s prior written permission.