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A competitive refinance market and heightened sales saw the state record its strongest year, final quarter and December month for residential mortgage registrations on title.
Data from NSW Land Registry Services has shown a record number of mortgages put on NSW residential titles in 2021, with mortgage volumes growing 24.1 per cent compared with 2020.
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This continued from a 13.1 per cent rise in 2020 from the year before.
The fourth quarter recorded a 14.2 per cent rise in mortgages registered on title, compared with the same time last year.
December 2021 saw a 10.8 per cent rise in mortgages across the state, compared to December 2020.
Major banks lose market share, smaller rivals climb
NSW Land Registry Services director of analytics and insights Jerry Goldfried commented a competitive refinance market and active sales turnover resulted in record highs for the state.
Refinancing activity was up 26.2 per cent year-on-year.
Non-major domestic banks came out on top, ended the 2021 year with an additional 16,083 mortgages on their books.
Non-ADI (authorised deposit-taking institution) lenders and foreign ADIs followed, ended the year up 2,595 and 1,230 respectively.
Meanwhile major banks recorded 8,776 fewer NSW mortgages at the end of the year.
While the big four had recorded the largest increase in the volume of refinances won, they recorded negative net figures in the refinancing space.
Major banks had accounted for 61.3 per cent of refinances won and 67.2 per cent of refinances lost.
The other domestic banks were the only segment to record a positive net position in the refinancing landscape, up 8,006 mortgages.
Customer-owned banks were also down 1,021 mortgages across the state at the end of 2021.
New mortgages on the other hand were up by 22.8 per cent, compared with the year before.
The non-major banks landed a positive net position in new mortgages, with them securing an 11.6 per cent share of new mortgages and 7.7 per cent of mortgages closed.
Major banks accounted for 66.4 per cent of new mortgages and 70 per cent of mortgages closed, resulting in a net gain for the year of 367 mortgages.
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