Banks eye long-term customers
Banks’ fight for customers continues with mortgage approvals topping $1 billion for the 22nd straight week in the week ended September 14.
Monday, September 24th 2012, 12:00AM
by The Landlord
Reserve Bank figures show 6442 mortgages were approved in the week, worth $1.059 billion.
That’s almost 25% more loans compared to the same time last year, worth almost 40% more.
But housing debt is only up 1.9% in the year to the end of July and up $318 million to the month of July, indicating that a lot of this lending is customers changing banks.
And banks seem to be trying to secure customers for longer terms.
While cheap one- and two-year rates are capturing attention, there are sub-6% rates available for longer terms.
Westpac is offering 5.99% for four and five years. HBS and SBS join Westpac under 6% for longer periods and ASB is also reportedly offering 5.99% for six years, although that is not advertised.
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