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Monthly Mortgage Insights 

VIC - October 2021

Highlights

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    New Loans

    Sale settlements with a new loan in Sep-21 were down 11.7% on Aug-21, and up 15.9% on Sep-20.

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    Refinances

    Refinance settlements were down 1.2% on Aug-21, and 40.5% higher YoY.

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    Trends

    Major banks showed a decline in their position for both new loans and refinance while non-majors improved their position in new loans and refinanced loans.

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

  • Sep-21 was down 11.7% on Aug-21, and up 15.9% on Sep-20. 
 

Residential / commercial

  • Residential new loans were down 10.9% MoM, and up 40.6% YoY. 
  • Commercial new loans were down 15.0% MoM and down 32.8% YoY. 
 

Greater Melbourne / rest of VIC

  • Greater Melbourne Area was down 11.1% MoM in Sep-21, a 32.2% rise YoY. 
  • Rest of VIC was down 12.6% MoM and 15.4% decline YoY. 
 

Refinances

  • Sep-21 was down 1.2% on Aug-21, and 40.5% higher YoY. 
 

Wins & losses

New loans

  • Major banks dipped slightly, although remain ahead of non-majors. 
  • Non-majors improved their position, only just lower than the majors dominant 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 showed a net decline for refinanced mortgages, falling to their most negative position in 12 months. 
  • Non-majors continued their growth trend, increasing their net positive position 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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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.