Westpac's Dec Qtr profit surges but mortgage lending slows to a trickle
Using Reserve Bank figures as a proxy for lending by registered banks in the December quarter, that suggests its share of the mortgage market eased to 20.55% at December 31 from 20.69% at September 30.
The December quarter growth was well down on the $309 million growth in mortgage lending Westpac reported in the September quarter and the $347 million growth in the June quarter. Westpac began reporting its LVR figures in their current form in March last year when its mortgage book stood at $34.30 billion.
Backing up reports from other banks and mortgage brokers, Westpac's figures suggest its recent lending has been at the riskier end of the spectrum.
Its loans with LVRs below 80% fell by $114 million to $26.37 billion in the December quarter from the September quarter.
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