June home loan activity was tough for NAB and Westpac, but Macquarie kept its momentum even as Commbank recovered some owner-occupier share. ANZ saw strength in lending to residential investors

The June APRA data shows new twists in the market share battle for the giant $2.5 tln home loan market.

In fact, it has taken just four years (actually 49 months) for this market to rise from $2.0 tln to $2.5 tln, a 25% gain. It took 62 months to grow from $1.5 tln to $2.0 tln.

Home loan competitiveness is essentially a battle among giants. Without scale, it is hard to be competitive over the long run, especially when home loans are essentially a commodity. Scale is available to all the Big Four pillar banks.

But now Macquarie is making a serious play into this market.

Without a serious home loan portfolio it is hard to be called a big bank and clearly Macquarie wants to join that exclusive club.

There are two categories in this sector; the larger owner-occupier segment currently worth $1.686 tln, and the residential investor segment, currently worth $820 bln.

Owner-occupier segment

This segment accounts for two thirds of all mortgage lending and of course is dominated by Commbank who hold a 24.5% market share. And they are growing it. In June 2026 they won almost a third of all new lending. And they are doing this directly with homeowners, without excessive reliance on mortgage brokers.

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Given their dominance, this good performance isn't really news. But what is news is the recovery of ANZ in June, the outsized gains by Macquarie, and the failures of NAB in this segment. Westpac is trailing too, although their June weakness isn't yet chronic.

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Residential investor segment

This smaller segment is where the key battles are over winning mortgage broker flows. A bank's share can be shifted significantly either way by these shifting loyalties.

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Here we can see how ANZ is using this segment and aggressive broker enticements to re-energise their home loan growth. They had their best performance in June for a decade. Even NAB achieved some small positives. But these are at the expense of Commbank which has sunk to an also-ran position among residential investorsd.

Over the past three months, this segment is an evenly contested market between ANZ, Commbank, Macbank and Westpac with NAB bringing up the rear.

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