ANZ CEO Shayne Eliott says the “extraordinary price changes” taking place in the housing market make it a time for the bank to be “a little bit prudent” when it comes to home loans. It comes after ANZ’s home loan division lost business despite booming property conditions over the past year. “At ANZ there's no doubt we’ve been a little bit conservative and I’m not going to make excuses here and suggest that that was deliberate,” he told Sky News Business Editor Ross Greenwood. “I think it is a time to be a little bit prudent and a little bit cautious about lending, I mean look at Sydney, house prices up 30 per cent in a year. “That says to me it’s a time for prudent and reasonable risk assessment at a time of such extraordinary price changes.” However, Mr Eliott said despite the drop in the bank’s market share they are back on track. “We dropped a bit of market share but we put our resources to work, we’re putting in new automated systems and more people,” he said. “We’re pretty confident we’ll get back into growth in the first half and back to system growth of our major peers at some point in the second half.”
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