MacBank winning mortgages from the big four

The big four banks — CBA, ANZ, Westpac and NAB plus their subsidiary brands such as Bankwest and St George sell about 83 per cent of all mortgages in Australia according to the Australian Prudential Regulation Authority.

Macquarie Bank is growing its market share strongly, winning 6.5 per cent of the market last month, according to AFG. Also posting strong sales numbers is Suncorp with 3.9 per cent and ING Direct.

Macquarie can compete head on with the big four because it has achieved advanced accreditation from APRA, lowering the amount of capital it has to put up against mortgages.

Source: The Australian