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AFG mortgage stats reveal winners and losers

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.

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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.

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.

“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
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