ANZ's owner-occupier lending growing faster than rivals
ANZ said it has been increasing its owner-occupied home loans business much faster than the market while posting a cash profit increase of 5.3 percent to $1.79 billion for its third quarter ended June 30.
In its third quarterly trading update, the bank said its lending growth in the owner occupied segment was 30 percent above the system average.
“We’ve said for some time as a strategy we want to be the best bank for people that want to buy and own a home and so we’ve been growing our business in owner occupied home loans much faster than the market,” ANZ CEO Shayne Elliott told the bank’s in-house news publication BlueNotes.
He said the bank was re-weighting its portfolio towards that segment and “we’re really comfortable with that”.
“The way we’re doing that is just really is focus and great product and distribution through our branch network,” added Elliot.
ANZ said it was also on course to meeting macro prudential requirements for mortgage growth.
Investment lending was at 80% of the combined industry average.
Its research arm recently said that the slowdown in investor borrowing was continuing, and quarterly annualised growth sits at 6%.
