Investor lending has sped up again in March as Macquarie Bank and ING outpace the majors, while other lenders contracted.
The Australian Prudential Regulation Authority’s (APRA) Monthly Authorised Deposit‑taking Institution Statistics for March 2026 showed the country’s 10 largest banking groups nudging their combined housing loan books to around $2.26 trillion, with Macquarie Bank and ING setting the pace.
The big four banks continued to expand their mortgage portfolios, albeit at the measured rates that have characterised recent months under tighter macroprudential settings.
Commonwealth Bank of Australia’s (CBA) total housing book rose by $3.10 billion, or 0.50 per cent, to $624.5 billion in March.
Most of that growth came from owner‑occupiers, where balances climbed $1.74 billion (0.43 per cent) to $406.6 billion, while its investor book added $1.36 billion (0.63 per cent) to reach $217.9 billion.
Westpac Banking Corporation followed a similar pattern, increasing total housing credit by $2.47 billion (0.49 per cent) to $509 billion.
Owner‑occupier loans were up $1.52 billion (0.45 per cent) to $337.1 billion, and investor balances advanced $0.95 billion (0.56 per cent) to $171.9 billion.
National Australia Bank (NAB) posted more modest growth, adding $1.35 billion (0.39 per cent) to take its total mortgage book to $347 billion.
Its owner‑occupier portfolio increased by $0.64 billion (0.27 per cent) to $234.2 billion, while investor lending ticked up $0.71 billion (0.63 per cent) to $112.8 billion.
Australia and New Zealand Banking Group (ANZ), which spent late 2025 and early 2026 rebuilding momentum after earlier declines, lifted its total housing balances by $1.54 billion (0.48 per cent) to $324.2 billion.
Owner‑occupier loans edged up $0.54 billion (0.25 per cent) to $215.1 billion, and investor loans rose a stronger $1 billion (0.92 per cent) to $109.1 billion.
Across the four majors, housing credit is still expanding, but at incremental rates, with monthly growth generally below 0.6 per cent even as demand for refinancing and new purchases persists under higher‑rate conditions.
Macquarie extends its rapid climb
Macquarie Bank once again delivered the fastest housing‑book growth among the major‑tier players, consolidating the step‑change seen through late 2025 and early 2026.
In March, Macquarie’s total housing loans jumped by $3.56 billion, or 2.09 per cent, to $173.7 billion – a gain which outstripped the majors in both percentage and dollar terms.
Its owner‑occupier portfolio grew by $2.11 billion (2.11 per cent) to $106.4 billion, while investor balances surged $1.45 billion (2.21 per cent) to $67.3 billion.
That parallel expansion across both borrower types underlines Macquarie’s push into the mainstream of the mortgage market.
The bank’s growth rate is now several times that of the big four, reshaping the competitive landscape as it steadily lifts its share of system housing credit.
ING pivots hard towards investors
ING Bank Australia produced one of the most striking shifts in portfolio mix in March, with a sharp divergence between owner‑occupier and investor trends.
Total housing loans at ING inched higher by just $0.06 billion (0.09 per cent) to $72.9 billion – masking a sizeable rotation underneath.
Owner‑occupier balances fell by $1.69 billion, or 2.99 per cent, to $54.8 billion, while investor balances ballooned by $1.76 billion (10.78 per cent) to $18.1 billion.
Such a pronounced monthly swing towards investor lending suggests a deliberate recalibration of the portfolio.
Regionals diverge as BOQ and Suncorp shrink
Outside the majors and Macquarie, the March data revealed a split between regionals which are still growing and those allowing their books to contract.
Bendigo and Adelaide Bank’s total housing portfolio rose $0.52 billion (0.82 per cent) to $64 billion.
Owner‑occupier loans increased by $0.32 billion (0.65 per cent) to $49.1 billion, and investor balances added $0.20 billion (1.38 per cent) to reach $14.9 billion, pointing to measured expansion across both sides of the ledger.
By contrast, Suncorp Bank’s housing book slipped by $0.17 billion, or 0.29 per cent, to $57.7 billion.
Owner‑occupier balances fell $0.28 billion (0.69 per cent) to $40.4 billion, only partly offset by a $0.11 billion (0.65 per cent) lift in investor loans to $17.3 billion.
Bank of Queensland recorded an even steeper pullback, with total housing balances dropping $0.33 billion (0.63 per cent) to $52.5 billion.
Its owner‑occupier portfolio declined $0.26 billion (0.70 per cent) to $36.6 billion, while investor loans fell $0.07 billion (0.45 per cent) to $15.8 billion.
HSBC Bank Australia, meanwhile, held roughly steady.
Its total housing book edged up $0.01 billion (0.03 per cent) to $34.8 billion, with owner‑occupier loans up $0.03 billion (0.12 per cent) to $24.1 billion and investor balances down $0.02 billion (0.20 per cent) to $10.6 billion.
Taken together, these results show that some mid‑tier and regional lenders remain in expansion mode, while others are prioritising capital, funding costs, or portfolio quality over headline growth
Investor growth outpaces owner‑occupier
Across much of the top‑10 cohort, investor lending is now growing faster than owner‑occupier lending – extending a trend that became more visible through late 2025.
CBA, Westpac, and NAB each posted stronger percentage growth in their investor books than in their owner‑occupier portfolios in March, while ANZ, Macquarie and ING all reported notably brisk investor gains.
That tilt suggests investors remain confident enough in rental yields and long‑term price prospects to add leverage despite higher interest rates.
[Related: Macquarie rockets ahead, while BOQ shrinks]
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