CBA and Westpac vie for mortgage market leader
The "Big Four" Banks now hold 73.8% of outstanding mortgages in Australia, up from 56.8% two years ago in August 2007, for Australians the effective dawn of the Global Financial Crisis. Had the two mergers approved in 2008 – the Westpac takeover of St George and the Commonwealth Bank takeover of Bankwest – not proceeded, the market share of the big four would currently stand at 62.9%. Commonwealth Bank has a 25.3% of mortgage market share in Australia and Westpac 23.2%. This means that two banks hold almost half (48.5%) by value of all mortgages in Australia. "The share of mortgages represented by ANZ and NAB has remained constant over this two year period at a little over 25%, although ANZ (12.5% up from 11.8% two years ago) are poised shortly to overtake NAB (12.8% down from 13.4% two years ago), which may be why NAB is now reacting through the purchase of Challenger, which is currently under ACCC consideration", said ", said Tony Crossley, head of mortgages and insurance at CoreData-brandmanagement.