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Jessica Darnbrough
The stage is set for Australia’s non-major lenders to make a return to form in 2013, one industry stakeholder has claimed.
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Citibank’s head of broker distribution, Aaron Milburn, told The Adviser the non-major lenders were ready to grow their market share in the New Year.
“We have made a lot of changes to our broker proposition over the last 12 months at Citibank and we are not alone in that,” he said.
“A lot of Australia’s non-major lenders have spent time adjusting their proposition in line with broker feedback.
“We have engaged our brokers all year, asked them for feedback around our systems, process and policy and we have acted on that feedback.
“As such, I wouldn’t be surprised to see the non-majors step up to the plate next year and really grab a larger share of the mortgage market.”
Mr Milburn added that he was already hearing from a lot of brokers that borrowers were keen to look outside the big four.
“Our industry is based on giving the client choice; that’s what we do, and long may that continue,” he said.
Mr Milburn’s comments come just days after a new straw poll by The Adviser revealed that 70.3 per cent of brokers believe the majors will lose market share in 2013.
