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Jessica Darnbrough
Australia’s big four continue to dominate the mortgage market, new research has found.
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According to the latest APRA monthly banking statistics, the big four account for over 85 per cent of all mortgages.
Westpac continues to edge out CBA, with the majors recording a market share of 27.34 per cent and 25.54 per cent respectively.
ANZ has the smallest market share of the big four, accounting for just 15.11 per cent. However, NAB is not far in front, with a market share of 15.23 per cent.
But while the majors continue to dominate the mortgage market, APRA data shows Australia’s mutuals have gained market share over the last 12 months.
Total assets increased by 8.2 per cent to $73 billion over the year to June 2010.
Similarly, credit union and building society housing loans outstanding also grew by 10 per cent to $50 billion for the year.
Term deposits also grew, by 12.4 per cent to reach $33.3 billion, an improvement on 9.7 per cent growth recorded the previous year.
“The APRA statistics confirm that credit unions and mutual building societies have recorded impressive results in a market dominated by the major banks,” Abacus chief executive officer Louise Petschler said.
