3. January 2012 18:03
The Herald Sun reported the “big four” have barely ceded market share since Treasurer Wayne Swan launched a stinging attack late in 2010 and pledged to redraw the competitive landscape.” The four banks namely Commonwealth Bank, Westpac, National Australia Bank and ANZ are increased their mortgage by $61billion and among the four banks, the major lenders account for 86.7 of the home loan market. Based on the Australian Prudential Regulation Authority figures show the major banks have &926 billion of North of home loans from a total pool of &1.07 trillion.
According to Rate City Chief Damian Smith, Anything that simplifies the lending process and encourages greater transparency in the home loans market is a good thing for competition.” To help smaller lenders, the big four banks needs to put more competitive pressure in order to secure the financial system and to provide sustainable flow of credit to households and business. Home loan will depend also if we a better deal with either the smaller lender of the big banks.