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ANZ takes broker business from Westpac

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ANZ takes broker business from Westpac

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Staff Reporter 2 minute read

The major banks are hungry for broker business, with ANZ winning a significant share of the market over August, according to AFG.

While the big four banks have taken back share from the non-majors, the latest AFG Competition Index shows that some lenders are performing better than others.

AFG’s general manager of residential and broker, Mark Hewitt, said that fixed rate products recorded the largest increase last month, with the majors now claiming 74.8 per cent share in this category.

“ANZ is taking the lion’s share of fixed rate business, jumping from 10.51 per cent in June to 20.82 per cent by the end of the quarter,” the GM said.

“This rise has largely been at the expense of Westpac, which recorded a drop of more than 7 per cent over the same period.”

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Westpac also fell back in the investor category, dropping from 16.92 per cent in June to 12.91 per cent at the end of August. ANZ has also taken the lead in this category, with a lift from 13.22 per cent to 19.99 per cent over the quarter.

Mr Hewitt noted that ANZ is also appealing to those seeking to refinance, saying: “Their market share among refinancers has jumped from 15.22 per cent to 18.5 per cent across the quarter.”

Meanwhile, CBA rebounded from 12.45 per cent total share at the start of the quarter to finish at 14.25 per cent.

In the non-major category, AFG Home Loans finished the quarter with a market share of 8.85 per cent as a result of share gains in refinancing, investor and first home buyer categories.

Suncorp also proved competitive over the quarter, averaging almost 5 per cent total market share.

AFG welcomed Credit Union Australia (CUA) and Homeloans Limited to its panel this week.

Mr Hewitt said: “The presence of these additional leading non-major lenders provides increased choice for consumers looking for finance.”

[Related: CBA hungry for broker business]

ANZ takes broker business from Westpac
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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