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Growth

Banks grow market share

by Staff Reporter7 minute read
The Adviser

Australia's major and non-major lenders continue to grow their share of the market.

According to RFi's latest Australian Mortgages Monthly Report, the banks' combined market share of owner-occupied lending commitments grew by 0.2 per cent to 92.7 per cent.

Within that market share, the big four banks currently account for 84.8 per cent of all loans written for owner-occupiers.

Despite their slice of the mortgage market, however, Australia's majors have seen their share fall ever so slightly since the beginning of the year.

Over the past month, ANZ, the Commonwealth Bank and Westpac all recorded a 0.1 per cent drop in their own share of the lending market.

These statistics would hardly come as a surprise to the third party distribution channel, with more than 70 per cent of brokers indicating that the majors would lose market share to their smaller rivals this year.

In a straw poll conducted by The Adviser at the end of 2012, 70.3 per cent of brokers said the majors' market share would drop in 2013.

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