Major Australian banks reported robust activity from new mortgage applicants in New South Wales during November, with volumes peaking in two years, NSW Land data shows Registry Services.
New mortgage activity in unauthorized depository institutions (ADIs) was also strong, growing by 22%.
Overall, the level of new mortgage activity in the state has been on the rise for the past six months. In fact, new mortgage borrower activity has already grown by over 50% since May.
Jerry Goldfried, director of data and information at NSW Land Registry Services, said a lender's share of newly created mortgages can have a big impact on income.
"Without gaining sufficient volumes of newly created mortgages lenders are forced to rely on attracting refinancing customers, in a market awash with competitive incentives it becomes increasingly expensive and difficult. We have already seen the refinancing volumes start to decline in November, ”he explained.
Notably, large banks accounted for a smaller share of refinancing activity in November. Yet even with the decline in activity, the Big Four's refinancing volumes remained above pre-COVID-19 lows.
Overall, refinancing volumes in the state remained strong during the month, with all other credit segments showing gains. Customer-owned banks returned to overall growth for the first time since April.
The data also shows that substantial gains from new mortgage business and stable refinancing contributed to the second highest month for mortgage volumes in two years, behind October 2020.
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