14 Feb 2019
ANZ CEO Shayne Elliott says the slowdown in home lending for both investors and owner-occupiers has led to a big shift in the marketplace.
“As a strategic choice, ANZ decided that we prefer - not exclusively - but we prefer to be in the owner-occupier space. We think it's an area where we can add value to customers, we think its lower risk and we think it's something we can do really, really well.”
"These are supertanker businesses…we don't want to see sharp changes day-to-day. I would imagine that over the balance of the year you'll see a gradual rise in our share of that (investor) business.” - Elliott
However, in ANZ’s recent APS330 report, Elliott says the bank realised it had been too conservative in lending to investors while providing more context on its approach. “It's not a case of us saying we're suddenly changing strategy… But we accept that we went too hard on and became too conservative in assessing investors.”
“These are supertanker businesses, you know, and thankfully we don't want to see sharp changes day-to-day. I would imagine that over the balance of the year you'll see a gradual rise in our share of that business.”
Click HERE to download the transcript
Elliott also touched on the bank’s response to the 76 recommendations laid out by the Royal Commission and why ANZ isn’t going to wait to make changes.
“We hear the need for change from the community… [so] we’re going to get on with what we can. It's important to say this is not the end - this is just a very early step.”
Watch the video above to hear more.
Andrew Cornell is managing editor of bluenotes
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
14 Feb 2019
29 Jan 2018