Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Businesses continue to drive credit growth

Businesses continue to drive credit growth

Overall credit growth rose again in October, with business lending experiencing the biggest increase, according to a major bank.

Research by ANZ and the Reserve Bank found that total credit growth was up 0.7 per cent for the month and up 6.7 per cent year-on-year.

Business credit growth once again saw the biggest monthly increase (1.0 per cent), and rose 6.6 per cent year-on-year.

Advertisement
Advertisement

Total housing credit growth was up 0.6 per cent in October, and increased by 7.5 per cent year-on-year. Owner-occupier credit growth rose 0.7 per cent during the month, and by 6.1 per cent year-on-year, while investor credit growth was up 0.4 per cent for the month, and by 9.7 per cent year-on-year.

Personal credit growth was the only sector to experience a drop – down 0.3 per cent for the month – while its year-on-year growth remained steady.

ANZ said solid business conditions and confidence should see credit growth continue for that sector, but the longer-term outlook will be constrained by businesses’ soft investment intentions.

“Meanwhile, total housing lending remained solid in October, although easing sentiment in the housing market and out-of-cycle mortgage rate increases at the end of October should see credit growth slow from here,” the bank said.

[Related: Business credit growth hits seven-year high]

Businesses continue to drive credit growth
mortgagebusiness

 

Latest News

The major bank has lowered its interest rate floor for mortgage serviceability assessments, becoming the third major bank to amend its polic...

A big four bank has announced the appointment of a new chief executive officer. ...

Digital neo-lender 86 400 has been granted a full authorised deposit-taking institution licence by APRA and expects to launch its mortgage ...

FROM THE WEB
podcast

LATEST PODCAST: A shift in serviceability requirements

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.