Powered by MOMENTUM MEDIA
subscribe to our newsletter

AFG mortgage stats reveal winners and losers

The Commonwealth Bank group has won a large gain in market share from AFG brokers, while Westpac and its sub-brands have had a sharp decline.

Commonwealth Bank and Bankwest recorded a combined 26.5 per cent of AFG mortgage volumes in April 2015 – up from 24.2 per cent in May 2014.

Westpac, St George, Bank of Melbourne and BankSA suffered a decline in market share from 24.7 to 20.4 per cent.

ANZ climbed from 16.2 to 17.2 per cent, while the combination of NAB and NAB Broker rose from 9.4 to 10.6 per cent.

The majors marginally increased their market share over the year from 74.5 to 74.7 per cent – although that was a big jump from the 67.7 per cent result recorded in December.

Advertisement
Advertisement

Meanwhile, the non-majors had a small drop in market share, from 25.5 to 25.3 per cent.

The big winner among the non-majors was AFG’s white-label product, which rose from 2.4 to 4.1 per cent.

The other major gains were posted by AMP Bank, which rose from 1.4 to 2.1 per cent, and Bank of Queensland, which rose from 1.7 to 2.0 per cent.

The biggest declines were experienced by Macquarie Bank, from 6.8 to 5.6 per cent, Suncorp, from 3.4 to 2.7 per cent, and Citibank, from 1.2 to 0.5 per cent.

AFG’s general manager of sales and operations, Mark Hewitt, said the mortgage market has never been so diverse.

PROMOTED CONTENT


“Many borrowers are well aware of this and are increasingly using brokers to help them find the best deal,” he said.

“The growth of white-label products is starting to become a competitive factor, and we expect this trend to grow in coming months.”

AFG mortgage stats reveal winners and losers
mortgagebusiness

Latest News

True Savings, a new online brokerage headed by former CBA executive Pete Steel, has entered the Australian mortgage market. ...

Pre-registrations have opened for Citi’s upcoming buy now, pay later offering, Spot., which will launch in October. ...

New Zealand’s central bank is primed to further tighten mortgage lending standards, following concerns with a rise in high-LVR and high-DT...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.