One in six give big banks the flick

One in six give big banks the flick

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.

Did you find this helpful? Why not share this article?

Advertisement

RateCity

Money Health Newsletter

Subscribe for news, tips and expert opinions to help you make smarter financial decisions

By signing up, you agree to the ratecity.com.au Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy

Advertisement

Learn more about nonspecific

Can I get a $1,500 payday loan with bad credit?

Yes, it may be possible to get a $1,500 payday loan with bad credit. Some payday lenders give loans to people with bad credit histories if they believe the borrower has the capacity to repay the loan.

Under Australia’s responsible lending rules, lenders aren’t allowed to approve $1,500 payday loans if they don’t believe the borrower can make the repayments.