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ISCOVER
Staff Reporter
NAB's decision not to pass on the full rate cut in November last year has negatively impacted the lender's market share growth, new statistics have revealed.
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According to the latest data from the Australian Prudential Regulation Authority, NAB managed to grow its home lending by 0.7 per cent, edged out by ANZ, which grew by 0.8 per cent.
This is the first time in 18 months that the lender did not claim the title of the nation's fastest growing mortgage provider.
In November last year, NAB became the only major not to pass on the RBA's 25 basis point rate cut in full.
Instead, the major opted to pass a 20 basis point cut onto borrowers.
But while NAB's rate decision has ultimately slowed its home lending growth, the bank still managed to finish the year on top, with the lender becoming the only major to enjoy an increase in its market share over 2011.
According to RFi's latest Mortgages Market Wrap, 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, on the other hand, managed to increase its market share by 1.4 per cent over the 12 months to December.
"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.
