The lending market of today vastly differs from that of the noughties. Non-banks have increasingly gained popularity following on from the impact of the GFC, and fintechs and non-majors are taking a growing proportion of the market. The Adviser reflects on how lending has changed in the past 10 years.
It’s amazing how much can change in a decade. Go back 10 years, and the mortgage market was home to several mortgage managers, which – along with non-banks were giving the majors a run for their money. Low-doc loans abounded, householders’ total financial assets were at a record high of 300 per cent of annual disposable income, and the NCCP was but a pipe dream. Getting a loan was easy and, some may argue, too easy.
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