Mortgage Loans, Home Loans, Bad Credit Home Loans

New figures from APRA indicate that the Australian Banks are taking away home loan business form non-bank lenders.

According to statistics released on Friday, over 76% of the overall amount outstanding in home loans as at the end of June is held by banks.

Additionally, more than half of all outstanding home loans were held by either CBA or Westpac. The share of this business currently with non-bank lenders and credit unions is only 8.60 per cent of all outstanding loans in June 2010 – a drop from 10.4 per cent in June 2009.

Mortgage brokers and others working in the industry have seen this coming. There has been a clear domination from the banks for some time. One of the biggest problems for non bank lenders is access to funding, this is less of a problem for banks.

While the figures showed CBA and Westpac had a clear domination of the market, they also show a swing in business to ANZ and NAB which would be further evident in the next round of figures.

Brokers are trying to ensure that borrowers are offered opportunities to borrow from a wider spectrum of lenders.