The founder of Australia’s largest mortgage broking group believes we are in the most competitive market he has seen in his career.
AFG executive director Kevin Matthews told Mortgage Business “everybody is keen to get loans on their books, which means they’ve got money to lend”.
The competition in the mortgage market for distribution for volume … I’ve never seen it this competitive in my entire career,” Mr Matthews said, adding that lenders are geared up for volume and keen for business.
“I’ve never seen it quite so competitive,” he said.
CUA chief executive Chris Whitehead has seen heavy discounting and “intense price competition” among lenders.
“Right now we are seeing a lot of under-the-counter offers and a lot of discounts that apply,” Mr Whitehead told Mortgage Business.
“There is intense price competition and lots of advertising and promotion, both in terms of acquiring new business and refinancing,” he said.