Macquarie Bank’s housing portfolio kept racing ahead in May, while the Bank of Queensland’s housing loan book contracted again.
Fresh May figures from the Australian Prudential Regulation Authority’s (APRA) Monthly Authorised Deposit‑taking Institution Statistics have shown the country’s 10 largest authorised deposit‑taking institutions (ADIs) nudging housing credit higher overall, with Macquarie Bank posting system‑leading growth, while the Bank of Queensland recorded the steepest fall in its mortgage balances.
At the top of the table, Commonwealth Bank of Australia’s (CBA) total housing book rose to $630.5 billion in May, up $2.95 billion or 0.47 per cent for the month.
Westpac followed close behind, lifting its total mortgage portfolio by $2.48 billion (0.48 per cent) to $514.8 billion, while National Australia Bank grew 0.36 per cent to $349.7 billion after adding $1.25 billion.
Australia and New Zealand Banking Group (ANZ) also expanded, increasing its housing loans by $1.85 billion (0.57 per cent) to $327.8 billion and extending the recovery from the declines recorded in late 2025 and early 2026.
The majors’ owner‑occupier books remain the backbone of those gains, but growth was incremental.
CBA’s owner‑occupier portfolio climbed to $409.9 billion, a $1.74 billion lift or 0.43 per cent rise, while Westpac’s reached $340.3 billion after a 1.31 billion (0.39 per cent) gain.
NAB and ANZ posted softer owner‑occupier increases of 0.23 and 0.31 per cent, respectively, consistent with the sub‑0.5 per cent monthly growth profile seen in recent months.
Investor lending is where momentum was stronger.
CBA’s investor book grew to $220.6 billion (up $1.22 billion or 0.56 per cent), Westpac’s to $174.5 billion (up $1.17 billion or 0.68 per cent), and NAB’s to $114.1 billion (up 0.71 billion or 0.63 per cent).
ANZ’s investor balances rose $1.19 billion or 1.08 per cent to $111.5 billion, further confirming the bank’s tilt towards the investor category that has been visible since late 2025.
Macquarie again outpaces the pack
Against that backdrop of measured expansion, Macquarie Bank once again set itself apart from the major banks.
Its total housing loan book jumped $3.13 billion in May, climbing 1.77 per cent to $180.3 billion – the fastest percentage growth of any of the top‑10 ADIs and one of the largest dollar gains.
That lift extends the sizeable gains seen in January through to April, where Macquarie repeatedly delivered monthly growth several times that of the majors’.
The figures revealed parallel strength across both borrower types.
Macquarie’s owner‑occupier balances rose 1.74 per cent to $110.2 billion, while its investor book increased 1.81 per cent to $70.1 billion.
The dual‑segment expansion suggests the bank is competing hard on pricing and policy and continuing to lean on third‑party distribution to capture new and refinanced borrowers.
The May figures reinforce Macquarie’s status as a genuine challenger to the big four’s dominance, with the consistent gap between December and May of Macquarie’s 1.6–2 per cent monthly growth and the majors’ sub‑0.6 per cent rises pointing to a structural reshaping of the pecking order.
Regionals diverge as BOQ plummets
Outside the largest five lenders, the mid‑tier and regional banks remain split between cautious expansion and outright retrenchment.
ING Bank’s total housing book reached $73.6 billion in May, rising $0.45 billion or 0.62 per cent, with a 0.36 per cent lift in owner‑occupier balances to $55.1 billion and a stronger 1.41 per cent increase in investor lending to $18.5 billion.
Bendigo and Adelaide Bank also remained on the growth side of the ledger, nudging total housing loans 0.41 per cent higher to $64.4 billion, with owner‑occupier balances rising to 49.5 billion and investor loans to $14.9 billion.
HSBC’s Australian mortgage book, at $34.9 billion, moved modestly higher with 0.44 per cent total growth recorded.
Suncorp and Bank of Queensland (BOQ), however, slipped further down the contraction path.
Suncorp’s total housing book dipped 0.32 per cent in May to $57.1 billion, driven entirely by a 0.44 per cent fall in owner‑occupier balances to $39.8 billion, while its investor portfolio was almost flat, edging down 0.04 per cent to $17.3 billion.
BOQ’s retreat was sharper, with the bank now recording 22 consecutive months of net contraction.
The bank’s total housing loan book dropped $0.97 billion over the month to $51.4 billion – a 1.84 per cent contraction.
Owner‑occupier balances fell $0.70 billion or 1.91 per cent to $35.8 billion, while investor loans declined $0.27 billion (1.70 per cent) to $15.6 billion.
The double‑sided pullback comes after BOQ paused the acquisition of new BOQ-branded home loans through the third-party broker channel in mid-2024, though the group continues to process broker-originated loans through its subsidiary ME Bank.
System‑wide, May’s MADIS said that housing credit is continuing to edge higher despite higher interest rates and tougher serviceability, with investor lending still outpacing owner‑occupier growth at the majority of the top 10 ADIs.
[Related: Macquarie keeps sprinting as Suncorp, BOQ fall back]
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