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The 2nd tier lenders, particularly those that are funded by NAB are not going to eat into the market share of the 3 majors until such time as they align the policies for sub 80% lends to the majors. I have just had a decline for a AAA client from a Mortgage Manager (funded by NAB) due to third party security issues, which when you break done the transaction there are no third party issues. However if I took the deal straight to NAB it would have been approved. If the 2nd tier lenders want to make an impact into the market then they need to align their policies for deals under 80% to those of the majors. Most Brokers would like to support the 2nd tier lenders but how can we when their policies our so restrictive. My comment to the Mortgage Managers (particularly those funded by NAB) is, if you want to play in the Major League then get your policies changed so you can compete in all facets of the prime sub 80% market.