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The latest AFG Index released by aggregator Australian Finance Group (AFG) has shown Australia’s major lenders regain lost market share from their non-major competitors in the three months ending December 2024.
According to the index, major lender market share increased 5.1 per cent for the quarter up to 61 per cent for total lodgements, while market share for the non-major lenders dropped to 39 per cent from 44.1 per cent.
For investment volume, the index showed another increase for the major banks, with their market share rising from 55.7 per cent to 57.5 per cent, while non-major lenders’ share dropped from 44.3 per cent to 42.5 per cent.
Major lenders also resumed their dominance on the first home buyer market, increasing to 70.6 per cent from 67.3 per cent, pushing the non-majors’ market share down to 29.4 per cent from 32.7 per cent.
Commenting on the data, AFG CEO David Bailey said: “With the completion of the acquisition of Suncorp by ANZ late last year, Suncorp’s data is now included in the major category of the AFG Index, accounting for just over half of the lift in market share for the country’s big four lenders and their associated brands.”
The merger between ANZ and Suncorp was approved by federal Treasurer Jim Chalmers last June with the merger being completed by the end of July.
The acquisition of Suncorp Bank by ANZ saw the major bank’s residential loan book grow by $53 (reported at the time here).
Not including Suncorp mortgages, ANZ holds 13.6 per cent of the mortgage market share among the big four banks, however, when including Suncorp, this share shoots up to around 16 per cent, above NAB’s share of 14.3 per cent (as of January 2025).
“AFG Home Loans market share softened slightly to 6.6 per cent due to competitive market conditions with 56 per cent of this tied to AFG’s own funded AFG Securities products.
“That environment is now stabilising and as we head into the new year, AFG Home Loans is well positioned to once again be at the forefront as a compelling alternative to the major banks.
“Although the white label aspects of AFG Home Loans remain challenging, we are pleased with the growing footprint of our AFG Securities products,” Bailey said.
[RELATED: Big 4 lose market share to non-major lenders]
