National Australia Bank’s aggressive marketing strategy is starting to pay dividends for the lender.
According to RFi’s latest Australian Mortgages Market Wrap, NAB enjoyed a 1.2 per cent increase in owner occupied loans in January.
The value of its bank-held owner-occupied loans now stands at $107.9 billion, up from $106.6 billion in December 2010.
But despite its success in January, NAB Broker’s general manager John Flavell said the bank was not prepared to rest on its laurels.
Speaking to The Adviser last month, Mr Flavell said the major is currently preparing to ramp up its broker service proposition.
"We have made a lot of improvements lately, but we are not about to become complacent. We understand there is still a lot of work to be done and we are determined to do it. We are committed to the broker channel and want to do everything we can to ensure our service proposition to them is unbeatable," Mr Flavell said.
But NAB wasn’t the only major to increase its market share last month.
“Both ANZ and Westpac experienced minor growth in January, with the value of their owner-occupied loans at $111.0bn and $188.7bn respectively. The Commonwealth Bank of Australia saw no significant monthly change and the value of its owner-occupied loans remained at $171.0bn in January 2011,” the RFi report read.
Westpac maintains the largest market share of all the majors, accounting for 27.1 per cent of all loans written.
NAB now accounts for 15.5 per cent of the market.