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NAB carves greater market share

NAB carves greater market share

by Reporter 0 comments

Jessica Darnbrough

National Australia Bank is closing in on the Commonwealth Bank of Australia and the Westpac Group's share of the mortgage market.

The latest RFi Australian Mortgages Market Wrap found NAB was the only major to see an increase in its market share over the past year.

The lender managed to lift its holding 1.5 per cent, taking it to 16.5 per cent overall, marginally ahead of ANZ with 15.6 per cent.

The Commonwealth Bank of Australia and Westpac Group both saw declines to their market share of 1.4 and 0.5 per cent respectively.

CBA now holds a 23.6 per cent, while the Westpac Group holds a 26.8 per cent share of the market.

NAB also saw the largest increase in its individual loan book in September 2011, with $1.4 billion worth of loans added in September 2011.

Westpac Group added $1 billion worth of owner-occupied loans, while ANZ and CBA added $704 million and $186 million worth of loans respectively.

Earlier this month, NAB Broker's general manager distribution John Flavell said the bank was pleased to see growth in its market share and was very bullish about the future.

"I believe we can write even more business through the broker channel over the coming year as long as we stay true to our broker partners and continue to listen to their needs and act on their requests," he said.

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NAB carves greater market share
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