In a sign of renewed commitment to the broker channel, major lenders have taken back control from the non-majors with a lift in market share across the last month according to the latest AFG Competition Index.
After a low of 63.39% in June 2017, the majors have risen each month to round out the quarter at 65.90%,” said AFG General Manager of Residential and Broker Mark Hewitt.
“Fixed rate products have recorded the largest increase with the majors now claiming 74.8% share in this category. ANZ is taking the lion’s share of fixed rate business jumping from 10.51% in June to 20.82% by the end of the quarter,” he said.
This rise has largely been at the expense of Westpac, which recorded a drop of more than 7% over the same period.
“Westpac also fell back in the Investor category, dropping from 16.92% in June to 12.91% at the end of August. ANZ have also taken the lead in this category, with a lift from 13.22% to 19.99% over the quarter.
“ANZ is also appealing to those seeking to refinance,” he said. “Their market share amongst refinancers has jumped from 15.22% to 18.5% across the quarter.”
Amongst the other major lenders, CBA rebounded from 12.45% total share at the start the start of the quarter to finish on 14.25%.
In the non-major category, AFG Home Loans finished the quarter with a market share of 8.85% as a result of share gains in refinancing, investor and first home buyer categories.
Suncorp also proved competitive over the quarter averaging almost 5% total market share.
“The presence of these additional leading non-major lenders provide increased choice for consumers looking for finance,” he said.