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Jessica Darnbrough
Australia's non-bank lenders have secured a greater share of the mortgage market, new data has revealed.
According to the latest Australian Mortgage Market Wrap, the number of bank-held owner occupier lending commitments fell 0.3 per cent at the end of last year – the biggest decline since November 2010.
Australia's banks now account for 89 per cent of all owner occupied loans.
CBA and Westpac remain the two lenders with the largest market share of bank owner occupier loans, commanding 48 per cent of the market, trailed by NAB and ANZ with a 17 per cent and 16 per cent market share respectively.
RESI's Lisa Montgomery told The Adviser that while she wasn't surprised to see non-banks increase their number of owner occupied commitments, Australia's majors and non-majors would continue to battle it out for market share over the coming quarters.
"I think that the majors are suffering from low volumes, as we all are, so I don't really think that there is anything in the short to medium term that is going to change that," she said.
"I think Australia's banks will continue to make their presence felt by offering very low rates. It is a very competitive market at the moment and that is unlikely to change in the immediate future."
