Westpac Australia’s Brian Hartzer announced that their effort of providing cheap credit is starting to pay off. Data shows that home loans are on an upward trend, with approvals increasing by 30% for last year.
Westpac is currently second to CommBank in most mortgages offered, clear signs that it is slowly narrowing the gap between them and their counterparts. Westpac has also expanded their services to offer credit cards and they have been growing 1.5 times faster than the industry for the past year.
Mr. Hartzer is optimistic that market conditions for 2014 will be favorable for mortgages and credit growth.
Read more about this on the Sydney Morning Herald website.