AFG, one of the country’s largest mortgage aggregators, said 34% of borrowers who refinanced their home loan last month did so with a non-major lender.
The report stated that across all categories of borrowers, non-major lenders collectively accounted for just over one in four (28.3%) of all new mortgages processed.
This is the highest figure for non-major lenders since AFG began recording competition rankings in 2012.
Among the non-major lenders, Suncorp dominated the category, accounting for 10.3% of all home loans, while Westpac managed to grab 8.8% of the share.
Meanwhile, NAB Broker and St George are at 9.6% and 5%, respectively. Macquarie Bank placed second in the category in October, delivering 7.5% of all refinancing home loans.
Collections: Mortgage News