One in three borrowers refinances with non-major lender

By Your Mortgage
One in three borrowers will eventually refinance their home loan with a non-major lender, with Suncorp leading the roster in this category, reveals data from AFG’s quarterly Competition Index.

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.