A broker push has seen ANZ significantly outstrip its rivals in home loan growth.
Monthly statistics from APRA have shown the bank grew its home loan portfolio by 11% per annum for the three months to February. The recent JP Morgan/Fujitsu Australian Mortgage Industry Report has put the increase down to the bank's recent fixed rate reductions and an increased reliance on mortgage brokers.
The result is nearly twice the growth of its closest competitor, NAB, which saw only 6% growth in the same period. The lower growth follows a period of "consistent market share gains" for NAB, according to JP Morgan/Fujitsu.
NAB has significantly slowed its aggressive home loan push, with its monthly growth falling below system for the first time in more than two years. CBA, meanwhile, grew 5%, while Westpac managed only 3% growth on a three-month annualised basis.
The JP Morgan/Fujitsu report indicated that CBA and Westpac have significantly pulled back from mortgage growth, with their growth rates falling from 25% to around 5% since August 2010.
"“An emerging focus for the Australian banks over the past two years has been the trade-off between volume, profitability and discounting versus market share which we expect will continue given the ongoing low growth environment," JP Morgan analyst Scott Manning said.