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As the market share of non-bank lenders continues to grow, so too does the range, and quality, of their products on offer. The Adviser asked brokers to rank their top non-bank lender products as part of its annual Non-Bank Product of Choice survey. Malavika Santhebennur reveals which lender products are selling like hot cakes, and how they are taking up a bigger slice of the pie
In 2019, the environment was ripe for non-bank lenders, or non-authorised deposit-taking institutions (ADI), to grab a larger piece of the market share pie. Commissioner Kenneth Hayne released his final report of his findings from the banking royal commission, credit supplied by banks slowed due to tighter serviceability requirements, reduce their risk appetites, and looked to “simplify” their product offerings.
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