New research reveals non-major market share of the broker channel has increased significantly, as more and more brokers turn their backs on the Big Four.
Aggregator AFG released the figures yesterday in its quarterly Competition Index.
It showed a 4.7% increase in market share from October 2011 to October 2012, to 24.3%.
Refinancers were the most likely to use a non-major, said AFG. Their numbers had increased by 50% over the past year.
Non major market share among investors also rose from16.6% in October 2011 to 22.9% last month – an increase of 38%.
AFG’s general manager of sales and operations, Mark Hewitt
, said a lack of confidence amongst homeowners was a key contributor to the current surge in refinancing.
“This lack of confidence is translating into refinancing which in recent months has been working to the advantage of non-major lenders.
“Suncorp remains the dominant non major, but we’ve also seen Macquarie
Bank strengthen in recent months, and ME Bank
has also made rapid inroads in a very short space of time,” he said.