In the last 12 months, Australia’s retail mortgage market has seen unprecedented volatility – spurred on by Federal home loan grants, reduced cash rate, tougher lending criteria, and a shrinking real estate market. Subsequently, lenders have focused on streamlining their mortgage processing to remain competitive and reduce operating costs. So, what will the retail mortgage market look like in 2010?
Data released by Mortgage Choice shows that although the majors still write a majority of business, there is a clear swing back to non-bank lenders.
Over the last year banks outside the big four have recovered from a 21 per cent share to an estimated 34 per cent share in Q1 2010*
Interestingly, the Westpac-Melbourne Institute Survey (released earlier this year) showed Australians have never felt more optimistic about our economic outlook.
Whilst this good news points to economic recovery, the mortgage market must remain focused on expenditure reduction in order to stay competitive and maintain a presence. For the past five years, IQPC Australia’s Mortgage Processing 2010 has been synonymous with the critical factors to improve operational efficiency and effectiveness through the automation of the mortgage application, assessment and approval process.
Mortgage Processing 2010 will evaluate the economic trend outlook and its impact on the Australian mortgage market. Bringing together leading economists; Bill Evans (Westpac), Michael Blythe (Commonwealth Bank of Australia) and Warren Hogan (ANZ).
For information on Mortgage Processing 2010, visit www.mpevent.com.au
* Source: tinyurl.com/
