Australian Property News
Non-bank lenders are back
Posted on Wednesday, December 02 2009 at 6:21 PM
The major banks still provide the majority of loans to borrowers but newly released data from Mortgage Choice shows a clear swing back to non-back lenders.
Banks outside the big four were getting around 20 per cent of the market share but over the past year they've bounced back and in the first quarter of 2010 are expected to be taking 34 per cent of the pie.
Australia's retail mortgage market experienced volatility over the past year, spurred on by factors including first homebuyer grants, reduced interest rates and tougher lending criteria.
As a result lenders have been focused on streamlining their mortgage processing to remain competitive and reduce operating costs, according to the International Quality and Productivity Centre.
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