Major banks increased their market share with AFG brokers in the last financial year, according to the aggregator’s latest data.
The big four banks and their sub-brands increased their share of the mortgage market from 73.7 per cent to 74.8 per cent, while the non-majors fell from 26.3 per cent to 25.2 per cent.
The biggest winner was Bank of Queensland, which increased its share from 0.2 per cent to 2.3 per cent after returning to the third-party channel in March 2013.
ANZ climbed from 16 per cent to 17.7 per cent, while ME Bank jumped from 0.4 per cent to 2.1 per cent.
Meanwhile, Suncorp’s market share fell from 5.6 per cent to 2.9 per cent, AFG’s white label product fell from 4.4 per cent to 1.9 per cent and Bankwest fell from 7.9 per cent to 5.9 per cent.
AFG’s general manager of sales & operations, Mark Hewitt, said the mortgage market may not be as competitive as it seems.
“On the surface, competition appears as strong as any time in the last 20 years,” he said.
“However, the reality is that the major banks and their subsidiary brands continue to dominate and non-majors have made little or no headway in the past 12 months.”
[Related: AFG reveals first home buyer stats]