Mortgage and business lending maintain modest growth
Lenders' mortgage balances grew by 0.5 per cent in February and by 5.8 per cent in the 12 months to February, according to Reserve Bank figures released yesterday,The February figures was down a touch on January, when month-on-month growth was 0.6 per cent, and December (also 0.6 per cent). Lending to both owner-occupiers and investors was a little weaker.According to the latest Australian Prudential Regulation Authority statistics, Macquarie Bank has maintained its very strong growth in the mortgage market, with an increase of 2.2 per cent in February and 30.4 per cent in the 12 months to February.Other lenders whose mortgage balances are growing above system include AMP Bank, ANZ, ME Bank, mecu, QT Mutual Bank and Victorian Teachers Mutual Bank. The total value of owner-occupied mortgage balances was A$902.1 billion in February, while the value of investor mortgage balances was $442.7 billion.According to the RBA, personal loan balances fell by 0.2 per cent in February. Over the 12 months to February personal loan balances grew by 0.7 per cent.The total value of personal loan balances in February was $141.3 billion.Business lending continued its modest recovery. Business loan balances were up 0.4 per cent in February, compared with growth of 0.2 per cent in January.Business loan balances grew by 2.4 per cent in the 12 months to February - the highest annual growth rate the RBA has reported in 12 months.The total value of business loan balances in February was $745.4 billion.