Non-major lenders and non-bank lenders will be able to compete more aggressively with major banks to gain market share this year, industry leaders say.
The Reserve Bank of Australia’s latest report shows investment loans are at the highest levels ever recorded.
The RBA’s decision to leave the cash rate on hold, combined with strong competition from lenders, is good timing for those wanting to refinance or activate a home loan - and for brokers.
Second-tier banks have refuted claims from brokers that there is a lack of flexibility and product innovation amongst the non-majors.
Non-major lenders tripled their market share of new fixed-rate loans in the final quarter of 2013, the latest statistics show.
Higher LVR caps are seeping into the mortgage market, but is it a case of buyer need - or lender greed?