The regional banks’ share of the mortgage market has fallen dramatically in the two years since the beginning of the global financial crisis.
According to statistics from the Australian Prudential Regulation Authority (APRA), Suncorp, Bendigo and Adelaide Bank and the Bank of Queensland have seen a dramatic slump in market share, falling from 20.2 per cent of all mortgages in August 2007 to 10.8 per cent this year.
The Commonwealth Bank of Australia (CBA)on the other hand, now accounts for 25 per cent of all mortgages in Australia, while Westpac accounts for 23 per cent.
In August 2007, Westpac and CBA had 31.6 per cent of mortgages between them; however CBA’s acquisition of Bankwest and Westpac’s merger with St George helped the banks make serious gains.
ANZ and the National Australia Bank (NAB) have remained relatively stable, keeping their mortgage market share steady at 12 per cent each.