RBA rings alarm on high debt levels
Risks to financial stability could be building as house prices and debt levels keep rising, the Reserve Bank has caution...
National Australia Bank is winning the battle for home loan customers, with new data showing the major outpaced its competitors for market share in January.
According to the latest Australian Prudential Regulation Authority (APRA) data, NAB managed to grow its mortgage book by 0.9 per cent in the first month of the year, easily beating the other majors.
In the last few months, NAB has taken an aggressive stance on competition, promoting its lower home loan mortgage rate through a clever advertising campaign.
CBA recorded the slowest home growth of the big four, achieving just 0.2 per cent growth. The major was widely criticised by home loan customers in November last year when it became the first lender to raise its mortgage rates by more than the Reserve Bank.
ANZ recorded the second fastest rate of home loan growth in January, increasing its mortgage book by 0.6 per cent, while Westpac grew by 0.4 per cent.