Borrowers are flocking to smaller banks and mortgage lenders, which are stealing market share away from the major banks, new research from Australia’s largest financial comparison website, RateCity (www.ratecity.com.au), has found.
One-in-six residential home loans in Australia are now financed with non-major lenders, according to a RateCity analysis of Australian Prudential Regulation Authority data.
In the last financial year, the big four banks – ANZ, Commbank, NAB and Westpac – collectively lost 0.52 percent market share to smaller players, the study found.
