NAB and ANZ saw the biggest increase in mortgage market share in July of the major banks, according to new figures.
APRA's latest monthly banking statistics reveal that NAB saw its lending increase by $1.7bn in July, cementing its position as the third-biggest mortgage lender in the country. ANZ, meanwhile, saw its mortgage book grow by $1.6bn.
In contrast, market leaders CBA and Westpac only saw their loan books increase by $833m and $1.3bn respectively – although between them they still control over half of the mortgage market. NAB holds a 15.2% market share, with ANZ close behind at a 15.1% share.
The figures corroborate figures from Australia's largest mortgage broker, Mortgage Choice, which has seen a resurgence from NAB and ANZ in recent months. The firm's CEO, Michael Russell, reckons that NAB subsidiary Homeside accounted for 21% of Mortgage Choice loans put through in July.
The total amount of mortgage funding lent by banks as of 31 July totalled $965.4bn. $668.5bn of that has been lent to homeowners, with the remaining 296.8bn borrowed by investors.
Latest Comments
Total:
6
comment(s)
Country Broker on
01 Sep 2010 11:35 AM
THERE IS NO SURPRISE in this, the ANZ and NAB ( including Homeside) are simple to deal with and have good products , wether it is broker sourced or direct application , people are not silly they will go where the service is good and they feel that their business is valued.
My aggregator''s figures for application share shows that the ANZ and Homeside are both showing increased market share and the CBA & Westpac are dropping share, it may be brokers across the board are influcing the results , I really hoe this is so, because the CBA and Westpac deserve to see a decline following their predatory cuts in commission and their desire to see brokers lose control of our clients to them after settlement.
Queensland Broker on
01 Sep 2010 12:26 PM
This is no surprise at all. The two major Banks who imposed the harshest conditions on brokers by unilateral and unconditonal demands are losing market share. Most brokers will only now send the absolute minimum to the dictators to retain their accreditation and send all other loans to Homeside and the ANZ as a way of protest.
The CBA must have known these figures were coming as they seem to be hurridly advertising specials and other rubbish over the last few weeks, rather than revisit their unbending accreditation mandatory numbers.
I hope to see this result for many months to come.
Sameer Desai on
01 Sep 2010 01:07 PM
NAB''s overall market share could be even larger with NAB direct, Homeside/nabbroker and wholesale arm Advantedge. they had 95% product and still have it. it helped clients when most other lender withdrew the 95% product from the market.
Paul Gollan on
01 Sep 2010 08:45 PM
the love is being rewarded.
Timbo2 on
01 Sep 2010 10:38 PM
Are you serious? ANZ good/simple to deal with? An absolute nightmare. Terrible on so many levels.If you want to lose customers and have sleepless nights, place your loans here...
Melb broker on
02 Sep 2010 11:12 AM
Timbo2. ANZ would have to be the easiest to deal with in my opinion. And good service too.