Investor and owner‑occupier mortgage books crept higher in February, with Macquarie Bank outpacing the major lenders, reshaping the pecking order.
The Australian Prudential Regulation Authority’s (APRA) latest Monthly Authorised Deposit‑taking Institution Statistics for February 2026 has revealed Macquarie Bank and ING growing faster than the majors, while the Bank of Queensland’s (BOQ) mortgage book shrank.
For most of the system, February was a steady jog as opposed to a dash.
The Commonwealth Bank of Australia (CBA) still towered over the pack, nudging its total housing book 0.35 per cent higher to $621.4 billion, while Westpac lifted 0.37 per cent to $506.5 billion.
National Australia Bank (NAB), meanwhile, added 0.26 per cent to reach $345.6 billion, while Australia New Zealand Banking Group (ANZ) managed to reverse the two previous periods of decline to edge its book 0.20 per cent higher to $322.7 billion.
The picture was one of controlled, late‑cycle expansion, with balances at the majors rising at fractions of a per cent as opposed to chasing expansive volumes.
Macquarie Bank, meanwhile, shifted into a higher gear – with its total mortgage portfolio swelling 1.60 per cent in February to $170.1 billion, a $2.69 billion gain – underscoring how it had travelled from its investment roots to the heart of retail lending.
ING also punched above its weight, lifting its book 0.59 per cent to $72.8 billion, while Bendigo and Adelaide Bank and Suncorp booked more subdued increases of 0.18 and 0.15 per cent, respectively.
Yet not every lender pressed forward, seen in the Bank of Queensland’s total housing balances falling 1 per cent or $530 million to $52.8 billion, while HSBC’s Australian mortgage book also slipped by 0.16 per cent to $34.7 billion.
That willingness by some regional and foreign‑owned banks to allow their book to contract hints at a more defensive stance on capital and risk, as regulatory scrutiny over mortgage underwriting intensifies.
Owner‑occupier lending remains the backbone
Owner‑occupier loans remain the backbone of housing credit, with February’s figures confirming that the segment had ground substantially higher.
Commonwealth Bank’s owner‑occupier portfolio grew 0.34 per cent to $404.9 billion, while Westpac’s rose 0.37 per cent to $335.6 billion.
NAB’s increased by 0.18 per cent to $233.5 billion, reflecting steady demand from home buyers even after back-to-back cash rate hikes.
ANZ, which has spent recent years rebuilding its mortgage operations after processing and service issues, managed a more muted 0.08 per cent rise to $214.6 billion.
Macquarie again scored the most significant gain, with its owner‑occupier book jumping 1.58 per cent in a single month to $104.3 billion, adding $1.63 billion and signalling that its push into prime home buyer segments was far from over.
ING followed with a 0.32 per cent lift to $56.5 billion, while Bendigo and Adelaide Bank edged 0.12 per cent higher to $48.8 billion.
Further down the ladder, the story shifted from expansion to consolidation.
Suncorp’s owner‑occupier balances slipped 0.21 per cent to $40.7 billion, Bank of Queensland’s fell 0.94 per cent to $36.9 billion and HSBC’s eased 0.17 per cent to $24.1 billion.
For these lenders, February’s numbers suggest a willingness to cede ground, either by tightening credit standards or repricing at the margins.
Investor portfolios regain momentum
The most striking change in the February snapshot sat inside the investor portfolio.
Across the major banks, investor balances are now growing faster than owner‑occupier loans, echoing recent Reserve Bank commentary that investors had returned to the market with renewed confidence after a quieter patch earlier in the decade.
CBA’s investor book climbed 0.37 per cent in February to $216.5 billion, while Westpac’s rose 0.38 per cent to $170.9 billion.
NAB and ANZ each posted 0.43 per cent gains, lifting their investor balances to $112.1 billion and $108 billion, respectively.
Yet Macquarie once again led the charge, lifting its investor book 1.63 per cent to $65.8 billion – a $1.06 billion jump that mirrors its owner‑occupier expansion, cementing its status as one of the most assertive lenders to landlords.
ING’s investor lending also accelerated, rising 1.53 per cent to $16.3 billion, while Suncorp’s investor balances grew 1.0 per cent to $17.2 billion despite the contraction in its owner‑occupier category.
Bendigo and Adelaide Bank recorded a more modest 0.39 per cent rise to $14.7 billion.
Balancing out that momentum, Bank of Queensland cut its investor book by 1.14 per cent to $15.9 billion, while HSBC trimmed slightly to $10.6 billion.
All of this is unfolding against a shifting regulatory backdrop, with APRA’s new macroprudential settings (which came into effect on 1 February), meaning that no more than 20 per cent of new owner‑occupier or investor loans can be written at debt‑to‑income ratios of six times or above.
February’s data suggests that the new cap is meeting a market that still has genuine underlying demand, yet is no longer running white‑hot, with the majors now consistently growing at cautious, sub‑0.5 per cent monthly rates.
[Related Macquarie surges as ANZ slumps in January mortgage shake-up]
