Banks winning market share
The major banks are increasing their market share as non-bank lenders struggle to continue to offer lower interest rates because of the global credit crunch. The latest data from the Reserve Bank of Australia shows that they grew their market share by 10.7 per cent in the year to April compared with growth in the total mortgage market of 8.4 per cent. Both the Commonwealth Bank and Westpac grew their mortgage books by an annualised rate of 13.5 per cent during the three months to the end of April.
Source: The Australian Financial Review