Login
ISCOVER
New market share data has revealed upward moves over the past year from two non-majors, while one industry giant has gone the other way.
Commonwealth Bank’s share of the mortgage market fell from 21 per cent in April 2013 to 17.4 per cent in March 2014, according to AFG’s Competition Index.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
ANZ fell from 16.8 per cent to 15.6 per cent while Westpac rose from 12.6 per cent to 13.9 per cent.
Macquarie was the big winner among the non-majors, with its market share jumping from 3.7 per cent to 6.5 per cent.
Suncorp fell from 4.1 per cent to 3.9 per cent and AFG declined from 3.8 per cent to 3.2 per cent.
In combined terms, the market share of the majors and their sub-brands declined from 79 per cent to 74.6 per cent, while the non-majors improved from 21 per cent to 25.4 per cent.
The majors also went backwards among first home buyers. Their market share fell from 74.9 per cent to 68.3 per cent, while the non-majors grew from 25.1 per cent to 31.7 per cent.
Bank of Queensland was the big mover in the first home buyer market. The lender celebrated its return to the third-party channel by growing its share of that market from 0.1 per cent to 4.3 per cent.
AFG’s general manager of sales and operations, Mark Hewitt, said the smaller lenders had become more competitive but were still struggling to challenge the big banks.
“Collectively, they still only account for around a quarter of all new home loans each month,” he said.
“We would like to see this figure higher and are looking forward to seeing if the Financial Services Inquiry offers a solution.”
Mortgage market share March 2014 (April 2013)
Adelaide Bank: 0.1 per cent (0.1 per cent)
AFG: 3.2 per cent (3.8 per cent)
AMP: 1.2 per cent (1.1 per cent)
ANZ: 15.6 per cent (16.8 per cent)
Bank of Melbourne: 2 per cent (1.6 per cent)
Bank of Queensland: 1.4 per cent (0 per cent)
BankSA: 0.8 per cent (0.9 per cent)
Bankwest: 6.7 per cent (8.1 per cent)
Citibank: 1.2 per cent (1.9 per cent)
Commonwealth Bank: 17.4 per cent (21 per cent)
Heritage Bank: 0.7 per cent (0.3 per cent)
Homeside: 8.9 per cent (10.4 per cent)
Homestart: 0.4 per cent (0.1 per cent)
ING Direct: 3 per cent (2.3 per cent)
Keystart Home Loans: 1 per cent (1.2 per cent)
La Trobe Financial: 0.2 per cent (0.2 per cent)
Liberty: 0.7 per cent (0.5 per cent)
Macquarie: 6.5 per cent (3.7 per cent)
ME Bank: 0.8 per cent (1.4 per cent)
NAB: 1.4 per cent (1.4 per cent)
P&N Bank: 0.3 per cent (0.1 per cent)
Pepper: 0.4 per cent (0.2 per cent)
Rock Building Society: 0.1 per cent (0 per cent)
St George: 7.9 per cent (6.2 per cent)
Suncorp: 3.9 per cent (4.1 per cent)
Westpac: 13.9 per cent (12.6 per cent)
Wide Bay Australia: 0.2 per cent (0.1 per cent)
Other: 0.1 per cent (0 per cent)
