Rising interest rates look as though they are finally taking their toll on home buyers, as demand for mortgages grinds to halt.
According to the latest data from the Australian Prudential Regulation Authority (APRA), the value of owner occupied housing loans held by the banks and other lenders grew by just 0.3 per cent in April.
The stunted growth figure follows a 1 per cent expansion in both March and February.
And despite strong signs to suggest competition is filtering back, the big four continue to dominate the home loan market for owner occupiers, accounting for 83 per cent of all mortgage held by home owners in April.
Westpac currently holds the lion’s share of the market, writing 27 per cent of owner occupier home loans.
CBA is not too far behind with 25 per cent of the market, while ANZ and NAB account for 15.5 per cent and 14 per cent respectively.