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ISCOVER
Staff Reporter
ANZ has proven to be the most popular major lender with AFG brokers in 2011.
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According to the aggregator's inaugural Competition Index, ANZ grew its market share by the greatest percentage of all the majors over the course of 2011, while Suncorp was the biggest achiever amongst the non-majors.
ANZ managed to grow its market share from 15 per cent in April 2011 to 20.1 per cent in October – a 34 per cent increase.
Despite ANZ's strong market share growth, the Commonwealth Bank of Australia remains the dominant market player, with a 25.9 per cent mortgage market share.
The results found CBA's strongest area was in the first home buyer market, where the major currently accounts for 36.8 per cent of all business written.
Suncorp was strongest of the non major lenders with an overall loan share of 5.1 per cent in October 2011.
Suncorp was also particularly strong in the first home buyer market where it has gained particular momentum over the past five months, seizing a total 14.9 per cent loan share in October 2011. This figure exceeds the first home buyer loan share of majors NAB (7.7 per cent) and ANZ (12.5 per cent).
AFG's general manager of sales and operations Mark Hewitt said the mortgage market has become a lot more competitive in recent months, and fluctuations in loan share reflect the competitiveness of the products being offered.
"ANZ's competitive professional package and fixed rates are doing well for them. Suncorp have adapted their deposit requirements to assist first home buyers, in particular construction loans, and the results speak for themselves," he said.
