ANZ to focus on migrant and over-50 home loan customers

Migrants and the over-50 are set to become favoured home lending customers of ANZ.

In its 2011 annual results presentation ANZ says it is looking to form deeper relationship with five customer segments namely: “affluent, migrant, young money, over-50s and ANZ staff”.

Migrants and over 50s appear to be a particular focus of the bank, with ANZ committing to providing more specialist migrant teams and more bankers to focus on retirees.

First-home owners are notably absent from its list of desired customers.

The annual results revealed that first-home owners comprised just 9% of the bank’s $170 billion mortgage portfolio and only 8% of new lending in the 2011 financial year.

Owner-occupier mortgages make up just under two-thirds (64%) of its mortgage book.

NSW and the ACT (27%) and Victoria (28%) account for more than half of its mortgage portfolio, with just under one in five borrowers coming from Queensland.

The bank revealed a 12% rise in underlying profit for the 2011 to $5.6 billion.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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