Borrowers turning away from the big four banks

According to new data from the banking industry watchdog, the Australian Prudential Regulation Authority, the big four banks are losing market share to smaller more nimble financial institutions.

APRA found that, in the past 12 months, non-major banks increased their lending by almost 15 per cent last year compared with 7.8 per cent growth for the big four.

The Treasurer Wayne Swan said it was clear from APRA's figures that borrowers were taking advantage of the ban on exit fees introduced last year.

Source: The Advertiser