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As home loan applications drop, the big four banks face a growing challenge from Macquarie
Over the past week, all four of Australia’s biggest banks have reported falls of between 12% to 20% in new home loan applications since the May federal budget.
After announcing it would keep interest rates on hold, the Reserve Bank confirmed demand for new home loans has “declined noticeably”.
For anyone currently in the market for a new or refinanced home loan, that’s good to know – because banks are now competing even harder to win customers.
Since the start of June, at least 31 smaller lenders – though not yet the biggest four – have begun offering slightly lower variable home loan rates for new customers.
‘I’d much prefer to be a non-bank than a bank’: Alternative lenders gain as the big four falter
As big banks brace for hits to their earnings following the federal budget, smaller rivals are seizing opportunities despite the rapidly-softening property market.
While a quarterly earnings update on Monday revealed new investor applications at Westpac had fallen 26%, Bluestone Home Loans has confirmed it had doubled loan originations to $9 billion running into the end of the financial year.
“Three years ago we did 2.4. Last year we did 4.5. This year $9 billion. So we’ve consistently doubled it over the last three years,” chief commercial officer Tony McCrae told a media briefing in Sydney this month.
“I’d much prefer to be a non-bank than a bank at the moment. I know the banks are probably feeling it more as a whole.”
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Australian Finance Group
As the major banks get wrongfooted by a softening property market, smaller rivals are seizing on opportunities.
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