The big four banks have grown their market share of the owner-occupier loan market, according to new figures.
The combined market share of the major banks increased from 80.3 per cent to 85.2 per cent between September and October 2012, according to business research house RFi’s latest Australian Mortgage Market Wrap.
The sudden increase was largely due to APRA’s reclassification of Bankwest as a division of CBA, which officially went into effect on 1 October 2012, according to the report.
The reclassification put CBA’s share of the owner-occupied home loans market at 28.4 per cent, up from 23.5 per cent in September.
ANZ, NAB and Westpac’s market share remained steady.
The report also showed an increase in banks’ overall share of owner-occupied loans. Banks now account for 93.9 per cent of the market, as at October 2012 – up from 93.5 per cent in October 2011.