news

Big bank alternatives gather pace

By webmaster

Australia’s second tier lenders are gaining ground on Australia’s majors.

According to Stargate’s Product Review index,which measures loan volumes lodged through mortgage brokers, the majors' loan volumes dropped by approximately 20 per cent in January.

Stargate’s director of operations Scott Spencer said the story was somewhat different for the second tier lenders, who had managed to go from strength to strength in recent weeks.

According to Mr Spencer, consumers were starting to show their dissatisfaction towards the majors with their feet.

“All of the majors experienced a drop in volumes over the month of January,” Mr Spencer said.

“Meanwhile Bankwest’s volumes increased, allowing the lender to take second position in our Product Review Index.

"As far as the majors are concerned, I believe the drop in volumes is a flow-on effect from their out of cycle rate hikes late last year.”

However, the news wasn’t all bad for the big four.

Mr Spencer said CBA managed to retain top position on the software provider’s Popularity Index despite suffering a drop in volumes.

Big bank alternatives gather pace
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%