New figures showed the banks expanded loans for property investments in the year ended March by 10.4 per cent, the highest rate since 2008 and more than the 10 per cent threshold imposed by the Australian Prudential Regulation Authority in December to stop a property bubble building in Sydney and elsewhere.
…The increases – when property investment lending is meant to be slowing – added to expectations of a regulatory crackdown. Macquarie analyst Mike Wiblin said the banking regulator might give a “wrist slap” to National Australia Bank, Westpac Banking Corp and ANZ.
As I pointed out yesterday, most major banks are giving the bird to APRA and its 10% ceiling on investor mortgage growth. Mac Bank today reckons the regulator will act:
As I noted yesterday the above the threshold growth is accelerating as well. Of the biggest six banks, only Bank of Queensland and Commonwealth are below the line and the others are accelerating above it with Macquarie leading the way at a preposterous 79% year on year growth up from 71% in February, NAB is second at 13.6% up from 13.3% in the month, Suncorp decelerated to 12.1% from 14.1%, ANZ and Westpac both accelerated from 10.2% to 10.4%: