The battle for mortgage market share is heating up, and the big four aren't the only ones benefitting.
According to News Ltd., the major banks have seen their market share drop over the past year - albeit slightly. APRA figures indicate the big four's share of the Australian mortgage market fell from 85.3% in November 2012 to 84.5% in November 2013. News Ltd. said this followed a year in which the majors saw their market share increase from 82.2% in November 2011.
CEO Phil Naylor told News Ltd. the numbers were a positive sign that competition was increasing in the market.
"It does indicate that some of the smaller lenders and second-tier lenders are starting to make a bit of impact. The share the big four has is still extraordinarily high ... but it's good news that other lenders are starting to make a bit of an inroad into the market."