Non-bank home loan groups are claiming market share from Australian banks as the mortgage sector continues to gather momentum, according to The Australian Financial Review.
The report points to figures showing non-banks increasing home loan lending at double the rate of local banks in October when the value of new loans touched a record high.
Banks saw a lift of 0.9 per cent in mortgages for October, as opposed to 2.3 per cent from non-bank lenders, which include building societies and credit unions.
Despite the gains, banks still accounted for 93 per cent of home loans in October, the AFR reported.
Quick Summary:
Smaller lenders grew at twice the rate of banks in October.
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