As industry growth slows, smaller lenders say a battle for market share could spark more competition for home loans.
Home loan competition could intensify as growth in the industry slows and lenders try to avoid losing market share, smaller banks are predicting.
Brisbane-based Great Southern, a customer-owned “mutual” organisation, said profits rose to $31.7 million from $15.7 million in the previous corresponding period, with that earlier period seeing some costs brought forward. It had at times offered $3000 cash back for refinancing deals but was not currently doing so. Some big banks, including their subsidiary brands, had offered more, including ANZ offering $4000 and NAB’s Ubank offering $6000.Advertisement
Mr Lewis said the cyclical nature was partly due to advertising timing and Great Southern introducing compliance-related activity in the first six months of the financial year.ASX-listed Auswide said underlying profits had lifted from $13.1 million to $14.1 million, while its loan book had grown 13 per cent on an annualised basis to $4.1 billion.
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