The major banks have continued to strengthen their grip on the mortgage market with NAB leading the charge, according to new market data.
According to RFi’s latest Australian Mortgages Market Wrap report, the majors added a cumulative total of $4.1 billion to their book last month - a clear indication that agressive pricing has delivered results to Australia's banking heavyweights.
In addition to growing their loan books, Australia's big banks grew their cumulative market share by 0.7 per cent in August 2011, following a 0.5 per cent increase in the previous month.
The total value of bank-held owner occupied loans increased to $732.5 billion in August 2011, up $5.1 billion over the month.
Of the big banks NAB's advance had been the greatest over the period with data showing the lender grew its owner occupied loan book by $1.8 billion, resulting in a 0.4 point increase in market share.
NAB’s loan book has grown rapidly between May 2011 and August 2011, up 4.6 per cent over this period.