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Jessica Darnbrough
National Australia's Bank's competitive pricing and break-up campaign has paid dividends for the lender, with the major bank increasing its market share by 1.4 per cent over the year.
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According to RFi's latest Mortgages Market Wrap, NAB was the only lender to see an increase in its market share over the year.
The Commonwealth Bank of Australia's market share slipped 1.4 per cent in the 12 months to December, while Westpac and ANZ saw declines of 0.6 per cent and 0.3 per cent respectively.
"NAB has been one of the most active lenders in the refinancing space over the past year, through UBank and aggressive refinancing offers, which has helped to boost market share," the report read.
In October 2011 the big four, together with their subsidiaries, held 87.1 per cent of bank-held owner-occupier loans.
Speaking to The Adviser earlier this year, NAB Broker's general manager distribution John Flavell said the bank was determined to grow its share of the mortgage market by improving both its direct and broker proposition.
"We have made many changes this year to our proposition and they have been well received. We will continue to do what we can to help our broker partners."
At the end of last month NAB Broker extended the benefits of its four star status to all of its 6,000 accredited brokers.
As such, all brokers now receive 65 basis points upfront commission as well as access to the online valuations service and 90 per cent plus LVRs.
