Big banks shedding mortgage market share

Second tier lenders are gaining ground on the majors, according to Stargate’s Product Review index. The big bank’s loan volumes dropped by approximately 20 per cent in January.

Stargate’s director of operations Scott Spencer said  “All of the majors experienced a drop in volumes over the month of January, meanwhile Bankwest’s volumes increased, allowing the lender to take second position in our Product Review Index. As far as the majors are concerned, I believe the drop in volumes is a flow-on effect from their out of cycle rate hikes late last year.”
The Advisor