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Jessica Darnbrough
National Australia Bank has managed to grow its mortgage market share for the second consecutive month.
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According to RFi’s latest Australian Mortgages Market Wrap report, the major lender grew its owner occupied loan book by 1.3 per cent to $109.3 billion, resulting in a 0.1 point increase in market share.
NAB now boasts a 15.6 per cent share of the mortgage market.
This is the second consecutive month of growth for the lender. Last month, NAB lifted its owner occupied loan book by 1.2 per cent, taking it to $107.9 billion.
Speaking at a NAB Broker roadshow last month, NAB Broker’s general manager John Flavell said while the lender was pleased with the growth it had experienced in recent months, there was more work to be done.
“We know we have made significant inroads in terms of our turnaround times and overall broker support, but there are definitely still a lot of improvements to be made. We know what we have to do and we are prepared to do it,” Mr Flavell said.
But NAB wasn’t the only major to experience positive loan book growth last month.
The other banks also saw increases in the size of their owner-occupied loan book, with ANZ up by 0.4 per cent to $111.5 billion, CBA up by 0.2 per cent to $171.4 billion and Westpac Group gaining 0.1 per cent to $188.9 billion.
The largest increase in February was experienced by ME Bank which saw 5.2 per cent growth to $3.7 billion and a 0.1pt increase in market share to 1.7 per cent.
Overall, Australia’s banks managed to grow their combined share of owner-occupied lending commitments in February 2011; with a 0.8 percentage point increase their share of lending commitments and a 0.7 point increase in value to 86.8 per cent and 90.1 per cent respectively.
