Non-majors have seen their market share rebound after a difficult few months, new figures show.
The AFG Competition Index has shown a surge in support for non-major lenders. Non-majors saw their share of the refinancing market grow from 29.8% in August to 39.5% in November. During the same period, the sector's share of investor lending has gone from 27.4% to 29.1%. Likewise, the proportion of first homeowners choosing a non-major jumped from 27% to 32%.
Non-majors saw growth in all categories except fixed rate home loans, where their share fell from 45.2% in August and a high of 56.8% in May to 42.5% for the last quarter.
AFG general manager of sales and operations Mark Hewitt
said the overall result was the best in some time for non-major lenders.
“This quarter the tide has turned and non-majors have had their best run since June, just prior to the regulator enforced changes to investment and interest only lending policy being introduced. Over the last three months we have seen the non-majors adjust to these changes and it appears that the flow of business is settling back into a more competitive pattern."