Brokers settled $28bn ANZ home loans in 1H24

In its financial results for the half year ended 31 March 2024 (1H24), ANZ has said that 65 per cent of its home loans were settled by mortgage brokers during this period, up from 64 per cent in 1H23.

This equated to $28 billion of its $43 billion loans settled during the half, while loans settled through the proprietary channel accounted for $15 billion. New home loans remained flat on the same period last year.

Mortgage brokers are now responsible for 58 per cent of ANZ’s total Australian mortgage portfolio, up from 52 per cent last year.

While the major bank’s number of home loan accounts decreased to 950,000 from 969,000 year on year, total funds under management (FUM) increased to $314 billion, from $293 billion in the same half last year.

Owner-occupier loans increased from $205 billion in the previous half to $212 billion, accounting for 68 per cent of the bank’s total loan book in 1H24, while investor loans grew to $71 billion (up from $68 billion in 2H23), making up 31 per cent of ANZ’s book.

Meanwhile, the percentage of first home buyers increased to 8 per cent from 7 per cent in 1H23.

ANZ’s average loan size grew to $535,000 from $481,000 in 1H23, while the average loan-to-value ratio (LVR) at origination increased from 65 per cent in 1H23 to 66 per cent in 1H24.

The major bank’s mortgage market share has also increased to 13.5 per cent during this half from 13.2 per cent.

Commenting on the results, ANZ chief executive Shayne Elliott said: “This half’s strong performance is a direct consequence of peer-leading diversification as well as our disciplined focus on productivity and delivery.

“Coming off a record 2023, each division delivered for the Group and we’ve made good progress on the things we said we would: preparing for the integration of Suncorp Bank, growing ANZ Plus, leveraging our Institutional processing platforms, and further driving productivity.

“Our preparations to integrate Suncorp Bank are well advanced. While the time taken to progress the necessary approvals has taken longer than anticipated, we have used that time productively and we are more confident than ever about the benefits that will follow.”

This half saw the Australian Competition and Consumer Commission (ACCC) say that it will not be taking further review action on the move by the Australian Competition Tribunal (ACT) to overturn its decision to refuse the ANZ-Suncorp merger proposal.

[RELATED: ACCC won’t seek review of ANZ-Suncorp decision]