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Westpac, CBA dominate mortgage market share

by Staff Reporter8 minute read
The Adviser

Westpac and CBA currently hold 48.9 per cent of all outstanding residential lending by value and are gaining market share, according to research by CoreData.

CBA currently holds 25.5 per cent of the market share, while Westpac holds 23.4 per cent.

NAB and ANZ are fairly evenly matched in terms of market share, holding 12.8 per cent and 12.5 per cent respectively.

ING Direct is the next biggest lender with just 3.3 per cent of the market share.

CoreData brand management head of mortgages and insurance Tony Crossley said Westpac and CBA would soon control more than half of all outstanding Australian mortgages by value.

"The market share of the big two continues to accelerate at rapid pace, reaching 48.9 per cent in September 2009 compared with 45 per cent at the start of 2009,” Mr Crossley said.

"Of the other two big four banksNAB is addressing its poor mortgage market acquisition strategy though the purchase of Challenger’s broker channel and ANZ is more focused on Asian than local growth.

"Regional banks have significant challengers in competing on either brand or price and are therefore providing no barrier to the 'big two' banks continued mortgage market share gain.”

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