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Jessica Darnbrough
Australia’s major banks continue to dominate the mortgage market, with the big four accounting for 81.1 per cent of all loans written last month.
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According to RFi’s latest Australian Mortgage Market Wrap, the Commonwealth Bank of Australia continues to hold the largest market share value of bank-held owner-occupied loans, even though its share fell by 0.1 per cent for the third consecutive month from 24.4 per cent to 24.3 per cent.
Westpac also continued to hold the second largest market share, despite also experiencing a 0.1 per cent fall in its market share of bank-held owner-occupied loans with its share falling from 23.0 per cent to 22.9 per cent.
While CBA’s and Westpac’s market share fell, the market share of bank-held owner-occupied loans held by National Australia Bank and ANZ remained steady at 17.4 per cent and 16.5 per cent respectively.
NAB is perhaps the biggest success story of the financial year, with the lender recording a steady market share growth over the last 12 months.
In December last year, NAB was the only one of the big four banks to record market share growth, with the lender lifting its holding by 1.5 per cent.
This growth aligns with NAB’s meteoric rise in the third party distribution channel.
NAB placed first in The Adviser’s 2012 Third Party Bank Ranking – Major Lenders, rocketing up from last place just two years ago.
Speaking to The Adviser about the lender’s impressive growth, both in terms of market share and broker sentiment, NAB Broker’s general manager distribution John Flavell said the bank is and always will be committed to providing the best possible service to brokers and customers alike.
“We have built our proposition around the long term, and we are constantly seeking feedback on areas we can improve upon, so that we can be the lender of choice,” he said.
“We are putting consistent effort into the parts of the business that will reap the greatest benefit for brokers and their clients.”
