NAB mortgage market share continues climb
Fastest growing mortgage lender NAB has made strong headway, but still has further to go according to NAB head of retail banking Gavin Slater.
Recent APRA data shows NAB's market share has risen 2.5 percentage points to claim more than 15% of the market since August 2009, well ahead of competitors CBA and Westpac.
However, NAB's aims are higher still according to the head of retail banking, Gavin Slater: "We do have ambition to continue to grow market share. We think this is a business that benefits from scale." Although declining to give specific targets, Slater was clear that NAB still had work to do, "market share of 15.3... we’re not where we want to be, we want to be somewhere north of that."
Across the board mortgage lending has grown for seven straight months, the longest streak in four years according to the ABS, with mortgages the nations fastest growing loan segment.
Low interest rates may be boosting homeowner confidence but total loan demand is expanding at close to the slowest pace on record. Meaning that all the banks are competing aggressively for a smaller pool of new business.
NAB has been setting the benchmark for home loan rates amongst the big four since 2009 which may have a lot to do with their success. Since May CBA has dropped interest-rates in an effort to be more competitive while ANZ are now matching NAB's rate.
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