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Jessica Darnbrough
Offering the lowest standard variable rate of the majors continues to pay dividends for NAB, with the lender increasing its mortgage market share for the third consecutive month.
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According to RFi’s latest Australian Mortgages Market Wrap report, the major lender grew its owner occupied loan book by 1.5 per cent to $110.9 billion, resulting in a 0.1 point increase in market share.
National Australia Bank now boasts a 15.7 per cent share of the mortgage market – putting it within striking distance of its nearest rival ANZ, who currently accounts for 15.8 per cent of the market.
This is the third consecutive month of growth for the lender. In the last two months, NAB has lifted its owner occupied loan book by 1.2 and 1.3 per cent.
Speaking to The Adviser earlier this month, NAB Broker’s general manager John Flavell said the lender knew their sharp pricing has helped them grow their market share, and as such, had no plans to adjust this in the future.
“We have offered the sharpest standard variable rate for the past 19 months and we plan to maintain this position. In October 2009, we launched our price for risk initiative, which enabled our brokers to go out and provide their strongest applicants with the best rates in the market. This initiative has stood the test of time and we have no plans to abandon it in the future,” he said.
“With NAB you get what you pay for. We take a fair approach to mortgage products and we are very transparent in everything we do.”
