Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Competition just fine: Westpac

Staff Reporter 1 minute read

Making headlines today, Westpac’s chief Gail Kelly has said banking competition is as good as ever.

While Mr Swan gears up to launch a fifth pillar of banking to cabinet, Ms Kelly refused to concede that competition in the mortgage sector was in need of a boost.

Speaking to the Australian Financial Review, Ms Kelly said while there were fewer lenders in the mortgage space, competition between the big four was more intense than ever before.

She rejected the idea that the removal of some non-bank lenders from the lending space had given the majors more power, but conceded that it is the other banks that challenge Westpac for market share.

The big banks accounted for approximately 60 per cent of all mortgages written prior to the global financial crisis. However, this number has since soared to 80 per cent and above in recent years.

Competition just fine: Westpac
default
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

default

 

more from the adviser
David Hyman

Breaking News

Brokers promote competition in lending: Lendi

Brokers are driving competition in the mortgages sector and chang...

money au ta

Breaking News

SME fintech closes $25m raise to fund expansion

An SME lender has raised $25 million in equity to fund the ‘rap...

loan application

Breaking News

Hot Property: The biggest property headlines from the week 26 to 30 July

The weekly round-up of the biggest news stories from across Momen...