The big four bank account for just 59.8 per cent of new home loans taken out nationally through mortgage brokers, compared with 64 per cent a year ago.
In Victoria, the figure has fallen from 63.9 per cent to 62.3 per cent.
According to independent research firm Market Intelligence Strategy Centre, the big four banks have lost all their gains in market share that they clawed back during the global financial crisis and are now back to pre-GFC levels of 2007 and 2006 when smaller lenders were rapidly gaining popularity.
Aggressive competition, switching incentives and discounted rates and products catering for clients suffering Mortgage Stress, have helped the non-major banks increase their market share, a MISC spokesman said.
Better deals: Mortgage broker ResiMortgage chief executive Lisa Montgomery.
Although the big four banks, Westpac, ANZ, Commonwealth and National, have had a slightly lower market share of broker initiated mortgages, the latest June statistics show it is the biggest single drop on record, down 4.2 percentage points in 12 months.
Mortgage broker ResiMortgage chief executive Lisa Montgomery said the dramatic change in market share indicated increased competition and a win for borrowers, particularly those seeking Debt Consolidation.
Major banks arent getting as much market share because the second-tier banks and other lenders are becoming more popular. And the reason theyre more popular is because theyre offering better deals, so thats got to be a win for borrowers, Ms Montgomery said.
She said it had been a deliberate strategy of the smaller lenders to offer good value to brokers and their customers. What we are seeing now are the results of their hard work and their efforts to offer better value than the big four banks. She said.
During the financial crisis, there was a fight to the big four banks because of the uncertainty and fear surrounding those times and the uncertainty about smaller lenders not as being as safe. Not that more people understand the financial system, the volume of new mortgages is being steered across many lenders, not just the major players.
We would like to Acknowledge Karina Barrymore for this Article
About the Author:
Audrey Patts has been helping thousands of clients with mortgage solutions, she has assisted individuals,small business even big companies with Home Loans and has offered a lot of lending solutions to all that is experiencing financial strain.
debt consolidation
Source: http://www.articlesnatch.com/Article/Big-Four-Losing-Share---Debt-Consolidation/4254976
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