Mortgage brokers moving in
The recent rise of mortgage brokers – intermediaries that offer loans from a variety of lenders instead of only one – has helped ANZ and Westpac outstrip NAB and CBA in the new home loan market. ANZ and Westpac both use third party mortgage brokers to sell their loans. This means that potential borrowers can take out a loan the conventional way, at a bank branch, or via a broker. Mortgage brokers, such as Australian Financial Group, differ from mortgage originators like Aussie Home Loans because they don’t sell their own brand of loans, instead they offer mortgages from up to 30 different lenders. Recent figures show that the ANZ clinched 24.7 per cent of new home loans in the past year taking out the top spot, followed by Westpac with 21.4 per cent of new loans, with CBA third (17.5 per cent) and NAB fourth with 14.8 per cent.
Look out for an upcoming article about mortgage brokers on BankChoice, coming soon!