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Westpac, St George, Bank of Melbourne and BankSA have reported 4.4 per cent growth in volumes and big jumps in new business from brokers.
Westpac and its sister businesses reported combined volumes of $333 billion for the three months 30 September 2013, a 4.4 per cent increase on the year before. Market share was reported to be 23 per cent.
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Third-party new lending rose 37 per cent and proprietary new lending rose 24 per cent, while mortgage applications jumped 19 per cent and approvals grew 29 per cent.
Westpac’s head of home ownership, Melanie Evans, said the three businesses had grown their third-party new lending by adding BDMs and building stronger relationships with brokers.
“The mortgage broker distribution channel remains an important driver of new lending growth across all brands… and remains a key component of our strategy,” she told The Adviser.
“We expect that home loan balances will continue to grow in a sustainable way but we haven't made any specific forecasts [in the results].”
The four businesses also reported that mortgage offset balances grew 4.9 per cent to $19.9 billion and drawdowns climbed 30 per cent.
They said they were “strongly positioned in mortgages, particularly in key markets” and were “focused on improving all points of the mortgage pipeline”.
The housing environment was reported to be at its strongest since 2009, although a growth in run-off was said to be partially offsetting new lending.
