ANZ sees end to Sydney mortgage market shortfall in 5 years

Sydney

AUSTRALIA & New Zealand Banking Group's (ANZ) investments in New South Wales will help end a mortgage-market share shortfall in the nation's fastest-growing state economy and its capital of Sydney in about five years, an official for the bank said on Monday.

The lender expanded home loans in the state at twice the rate of its rivals in the year to September and is hiring 500 front-line bankers in the next 12 months, said Catriona Noble, the managing director for retail distribution, following the opening of an ANZ home-loan centre in the Sydney suburb of Parramatta.