ANZ Loses $ 1 Billion In Home Loan Customers In Refinancing Frenzy



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Data released by the prudential regulator shows that ANZ’s mortgage industry lost nearly $ 1 billion in loans in July.

Data from the Australian Prudential Regulation Authority (APRA) Monthly Authorized Depository Institutions (ADIs) statistics highlighted a month of strong growth in the sector.

Total resident loans and finance leases increased $ 14.6 billion or 0.5%, led by an $ 8.5 billion or 0.7% increase in loans to occupied housing. their owner.

However, ANZ saw its mortgage portfolio lose around $ 1 billion despite big gains from the other four big banks.

ANZ’s combined value for investment and owner-occupied mortgages was $ 261.77 billion for the end of July period, down from $ 262.79 billion at the end of June.

By comparison, the total value of the CBA was estimated at $ 486.33 billion for the same period ending July 31, up from $ 483.62 billion in the previous month.

Westpac grew from $ 417.9 billion to $ 420.17 billion, and The NAB grew from $ 267.75 billion to $ 269.21 billion during the same period.

CoreLogic data suggests house prices rose 15.8% from January to August, while PEXA data shows the big banks have recovered market share in mortgage loans during the pandemic.

The most recent data from APRA also suggests that ANZ has struggled to meet the high rate of mortgage applications and refinancing, which has led many clients to refinance with other lenders.

For ANZ, customers taking advantage of low interest rates have also seen wait times for mortgage and refinancing approvals soar.

In an interview yesterday with the media branch of ANZ blue notes, Mark Hand, director of ANZ’s retail and trade group, admitted that “review times have gone to a level we were not happy with.”

Questions to ANZ by Savings.com.au in July indicated that mortgage loan approval “typically” took up to 32 days – much slower than other lenders taking only one day.

In his blue notes interview, Mr. Hand also said that ANZ has done a lot of work in the past 18 months on processing capacity.

“We saw a very good performance in the mortgage industry in the second half of last year,” he said.

“What we did not predict was the significant and sustained increase in application volumes in 2021, particularly in the refinancing market with clients opting for fixed rates.

“This means that we are now processing twice as many requests as two years ago.”

Despite the month of decline, Hand said ANZ approval rates were starting to improve.

“We understand the impact when our response times are too slow, but luckily, with valuation times in the brokerage space having improved somewhat, we are seeing that this channel’s business is starting to come back,” he said. he declared.


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Image by Luis Villasmil via Unsplash

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