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.

Non-banks nab market share

Staff Reporter 4 minute read

Jessica Darnbrough

Australia’s non-bank lenders are slowly starting to claw market share away from the banks.

According to the RFi’s latest Australian Mortgage Market Wrap, bank-held owner occupier commitments fell in the year to January 2011.

After a slight rebound in December, the value of bank-held owner occupied lending commitments now sits at $12.5 billion.

Advertisement
Advertisement

As such, Australia’s banks currently hold 85.9 per cent of the market of owner-occupied loans in terms of value, down from 90.5 per cent in January 2010.

RESI chief executive officer Lisa Montgomery told The Adviser at The Australian Lending Awards that non-banks had become increasingly competitive over the last year, but they still had a long way to go.

“Competition is alive and well at the moment. What we need to do however, is ensure that funding comes back to the market. If the non-banks can get their hands on competitively priced funds, it will allow us to compete on a level playing field,” she said.

“Even if this doesn’t happen in the near term, I can safely say, non-banks are here to stay.”

Non-banks nab market share
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
Carolyn Murphy ta Teachers Mutual targets brokers in digital bank launch

Hiver, a new digital bank to be launched under Teachers Mutual, i...

mortgage money house Qld real estate body calls for stamp duty reform

The REIQ has slammed the Queensland government for failing to act...

Alexis Holloway ta Pallas Capital appoints senior credit manager

The non-bank lender has appointed a senior credit manager whose r...