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2007
Mortgage books figures show big banks dominance
Monday May 25, 2009
The latest finance sector report has shown that the four major Australian banks now have 72 per cent of all outstanding mortgages by value, worth $730 billion, an increase from 57.5 percent of all mortgages in 2008, valued at $539 billion.
The report by Brandmanagement assessed the March quarter and concluded that all four major banks expanded their mortgage books with 85 percent held by Westpac/St George Bank and the recently merged Commonwealth Bank/BankWest. This means that of the $26.6 billion recorded on Australia's mortgage books for the March quarter, $22.7 billion was taken by CommBank/BankWest (at $15 billion) and Westpac/St George (at $7.7 billion).
Commonwealth Banks dominance of the banking industry looks set to remain after the October approved merger between it and BankWest, creating a major market shareholder within the industry. The Australian Competition and Consumer Commission have indicated in a statement that future merger proposals may not be readily accepted with market dominance keen to be avoided.
In the Brandmanagement report, ANZ bank and NAB showed solid mortgage books growth although it totaled less than 15 percent of the overall growth figures. Meanwhile, non big-four banks have recorded declines on their mortgage books equaling $1.8 billion for the same time period.
Finance experts have cited the recession as the main cause behind the Commonwealth Banks strong results with consumer choosing to use a big brand for their banking needs.
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