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Jessica Darnbrough
The Commonwealth Bank of Australia led the field in broker volumes for the month of November, new data has revealed.
According to Stargate’s November Lender Popularity Index, CBA products accounted for 28 per cent of all loans written last month – significantly higher than the other lenders.
Stargate’s chief executive officer Brett Spencer told The Adviser that CBA was a consistently good performer and well respected by the broker channel.
“Interestingly the lender’s much publicised out of cycle rate hike has done little to dampen its popularity among brokers," Mr Spencer said.
But while CBA managed to secure the top position for the second month in a row, Mr Spencer said it was pleasing to see that Australia’s second tier lenders had begun clawing market share away from the majors.
Bankwest ranked second in the index and total loans to the majors were down 14 per cent on the month before.
“I think we will see a degree of resurgence from the second tier lenders especially as dissatisfaction with the majors continues to mount,” Mr Spencer said.
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