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NAB playing catch up to Westpac in mortgages

01/02/2010

Westpac reported growth in its home loan portfolio of 1.6 per cent for the month and compared with growth in home lending, across all banks, of 1.0 per cent. The bank’s mortgage book increased 5.0 per cent over the December 2009 quarter compared with banking system growth of 3.3 per cent.

The decision by Westpac in early December to lift variable interest rates on home loans by significantly more than the rise in the RBA cash rate will presumably curtail this industry leading rate of growth, leaving room for some other banks to fill the void.

National Australia Bank, playing catch up in the home loan segment, underperformed in December with growth of only 0.6 per cent, though above average growth in lending in October and November means NAB ranked second over the December quarter for growth in home loans.

Source: Banking Day



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