ANZ Bank CEO Shayne Elliott does not expect house price growth to be reined in following intervention from the prudential regulator, as he faced heat on bottlenecks in the bank’s mortgage approval process, which triggered a sharp loss in market share in its core product of home loans.

Mr Elliott and head of retail and commercial banking Mark Hand said they were unprepared for a wave of new home loan applications and refinancing requests that flooded in on the back of emergency interest rate settings.