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Australia's growth-hungry banks are lowering mortgages rates in competition.
The Australia and New Zealand Bankings Group (ANZ.AX) cut its floating mortgages by 34 bps to 3.65 per cent on Thursday, three trading days after Commonwealth Bank of Australia (CBA.AX), its biggest creditor, cut part of its mortgages by 10 bps for competitive reasons. "The four major banks have lost ground and their residential loan business is growing at a slower pace than the overall housing loan markets, so they are doing this as an effort to regain some ground," said David Ellis, bank analyst at Morningstar.
In June, Australia's housing loan sales dropped to a four-year low of 5.6 per cent as stricter credit granting practices and increases in some mortgages absorb lives from the buy-to-lease area. The four major Aussie creditors, including Westpac Banking Corp (WBC.AX) and National Australia Bank (NAB.AX), already own around 80 per cent of the country's home loan and deposits markets, making them some of the most lucrative in the industry.
However, they have lost some of their shares to smaller rivals who have expanded their mortgages book with double-digit rates by providing lower rates. "All small banks and local banks raised their floating rates due to higher financing charges, but short-term interest rates have indeed eased in recent weeks-and the big banks have been somewhat relieved," Ellis said.
"That' s why we didn't see the major's raise their mortgage rates," he added. In recent years, some 16 smaller banks have increased their mortgage rates to shield profits margin from a sharp rise in refinancing cost in wholesaling. According to Moody's Investors Service, even with the rises of these smaller competitors, the key interest rates of the four big banks are still higher.