Investor mortgages hit brick wall

APRA has released its October banking statistics and the news for investor mortgages is dire:

	ANZ	CBA	MAC	NAB	SUN	WBC	Total
Oct-15	7.1	6.1	48.5	55.6	5.2	-6.0	12.4
Sep-15	8.4	7.9	66.3	56.6	4.8	5.2	14.4
Aug-15	10.2	9.7	72.0	57.0	5.6	7.3	16.0
Jul-15	11.7	10.1	79.1	58.0	11.7	11.7	18.1
Jun-15	12.0	10.2	81.6	14.0	11.1	9.9	11.6
May-15	11.8	9.9	86.8	14.1	11.6	10.0	11.5
Apr-15	11.7	9.5	74.8	13.9	12.1	10.3	11.3
Mar-15	11.4	9.3	79.3	13.6	12.1	10.4	11.3
Feb-15	11.1	9.2	71.0	13.3	14.1	10.2	11.0
Jan-15	11.1	9.2	73.1	13.0	12.5	10.4	10.9
Dec-14	10.9	9.4	75.2	12.4	11.6	10.5	10.9
Nov-14	10.8	9.4	81.8	11.6	11.3	10.5	10.8

Total year on year growth has fallen to 12.4%but this number is being massively distorted by portfolio adjustments the latest of which was $15b disappearing from WBC’s investor loans book. To see the real growth rate look at ANZ and CBA. Here’s the raw data:

ANZ	BOQ	BEN	CBA	MQG	NAB	SUN	WBC
82718	11166	11292	128396	9253	94384	11701	134938
82911	11062	11266	129616	9264	94019	11800	149687
83426	11056	11232	130791	9230	93404	11856	151359
83930	10833	11168	130419	9242	93209	12510	156296
83508	11110	11128	129719	9017	66637	12397	152499
82482	10658	11147	127904	8802	65759	12335	150869
81665	10671	11110	126268	7856	65017	12288	149755
80824	10645	11061	125088	7688	64229	12214	148784
80110	10771	10825	124156	7029	63542	12303	147576
79540	10684	10773	123547	6784	63026	12026	146719
78797	10698	10730	122851	6594	62287	11766	145811
78005	10629	10728	121999	6399	61449	11534	144595

ANZ and CBA fell on the month. NAB barely grew.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.