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The bank added $2.79 billion to its loan book, surpassing Westpac, NAB, and ANZ in absolute growth, according to Australian Prudential Regulation Authority (APRA) data.
Total residential loan books across the top 10 authorised deposit-taking institutions (ADIs) reached $2.17 trillion last month, with new housing loans totalling $10.17 billion.
Commonwealth Bank of Australia (CBA) still led overall growth, expanding its loan book by $3.19 billion to $599 billion.
CBA’s total loan book is followed by Westpac ($490 billion), NAB ($337 billion), and ANZ ($319 billion).
Among other non-majors, ING added $0.87 billion, with mid-tier lenders collectively contributing $2.91 billion to the month’s loan book expansion. The big four funded $7.26 billion, or 71 per cent, of the growth.
“The expansion in loan books spans from mid-tier to major ADIs, reflecting the increasing demand for property financing among Australians from a broad range of client segments,” said Michael Johnson, director at Agile Market Intelligence.
“The majors are benefiting from longstanding relationships with their customer base, as shown in their stable growth rates in the past year. On the flip side, we’re seeing non-majors catching up in terms of growth.”
Macquarie and ING are seeing growth rates more than double those of the big four, signalling a market where non-majors are steadily challenging the dominance of the majors.
