Twelve-month ended owner occupier housing credit growth was 9.0% - the highest rate of growth since August 2016.
This is despite ABS lending data indicating owner occupier lending is tapering off.
Twelve-month ended investor credit growth increased 0.2 percentage points to 2.6% - the highest since February 2018.
There are mixed signals in the market presently, with APRA announcing serviceability tightening in October and effective November, with fixed home loan rates increasing.
The Reserve Bank cash rate is also tipped to increase before its initial 2024 guidance, and CBA has tipped house price falls of up to 10% in 2023.
As a result, last week SQM Research tipped property price rises to ease in mid-2022, led by falls in Sydney and Melbourne.
However Propertyology's head of research Simon Pressley said households' financial foundations are still solid.
"Bottom line though, much of the credit growth over the last two years is a release of pent-up demand created by APRA squeezing the beejezus out of credit over the previous four years," Mr Pressley told Savings.com.au on Tuesday.
"When considering this credit growth stuff, the likes of ABS, RBA and economists often forget that Australia generally adds an extra 350,000 people and 200,000 extra dwellings each year.
"More people, more dwellings should always mean more credit - if not, we’d be in recession and losing jobs."
ANZ slows mortgage leak
The latest APRA data shows ANZ held $260.356 billion in owner occupied and investment housing mortgages at the end of October - about $66 million less than at the end of September.
This is much slower than previous rates of leakage, with the bank at one stage leaking $1 billion in mortgage customers in a month - where refinances and discharges outpaced the rate of new lending.
ANZ's mortgage leak has been well documented, and has been attributed to slow application and approval times, especially through broker channels where some customers are waiting up to six weeks.
ANZ executive Mark Hand previously said this was a "level we weren't happy with".
CommBank generally leads the rate of growth among majors, growing its owner occupier loan book by about $3 billion alone over the past recorded month.
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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
