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 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.


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.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured 4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.09% p.a.
6.11% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Photo by Robert Linder on Unsplash

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