Growth in business lending has fallen back to its lowest level in two years, with the annual growth rate now stuck below five per cent. According to the latest Reserve Bank credit data, business loan balances grew by 0.5 per cent in October, compared with the previous month, and by 4.4 per cent over the 12 months to October.The last time the annual growth rate was at 4.4 per cent was in October 2014.In the mortgage market, lenders' investor mortgage balances increased by 0.7 per cent in October, compared with the previous month.Over the 12 months to October investor mortgage balances grew by 5.3 per cent.Owner-occupier mortgage balances grew by 0.5 per cent in October, compared with the previous month, and by 7.1 per cent over the 12 months to October.Total mortgage balances grew by 0.6 per cent in October, compared with the previous month, and by 6.4 per cent over the 12 months to September.Personal credit balances were unchanged in October, compared with the previous month, and fell by 1.1 per cent over the 12 months to October. Total credit growth over the year to October was 5.3 per cent - down from a rise of 6.7 per cent over the year to October 2015.Credit demand has eased in all sectors. The year-on-year growth in mortgage balances down 100 basis points over 12 months. Investor lending is 60 bps off from its mid 2016 lustre of annual growth of 7.7 per cent.