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Look back just three months, as winter was coming, and the major banks were handing out high cashbacks in a bid to wrest mortgage flows from their competitors. But now, as the stark reality of writing loans below the cost of capital bites, the game of thrones has been shifting. We take a look at how the market share of the big four banks has been changing, and what brokers think about them
There’s been a remarkable turnabout in the fortunes of the major banks recently. While the big four bank’s market share had been dwindling over the past few years amid stronger competition from non-majors and non-banks, the refinance boom has been the golden ticket for Australia and New Zealand Banking Group (ANZ), the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), and Westpac Banking Corporation (Westpac).
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