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- First time buyers have propped up the mortgage market
- Investor market activity has abated somewhat since its 2003 peak
- Refinancing activity has stabilized after a long period of growth
- Most mortgagors expect to keep their mortgage with their current
provider for 10 years or more
- Most mortgagors had over 10% deposit when taking out their main mortgage
- Fixed rates are primarily used as a form of insurance
- Interest rates have fallen since their 2008 peak
- Average fixed rates exceed average standard rates as the markets expect
a rising cash rate
- Mortgagors are more likely to fix their mortgage rate when interest
rates are high
COMPETITOR MARKET SHARES AND DEVELOPMENTS
- CBA and Westpac have tightened their grip on the mortgage market
- CBA continues its dominance as the largest individual brand for mortgages
- CBA and Westpac combined hold a 46% market share of outstanding
Australian mortgages
- CBA and Westpac have had success with the first home buyer segment by
providing perceived security
- Each major banks' mortgage customers have distinct attributes
- NAB customers are more likely to have investment properties and several
mortgages
- St.George has a strong presence in basic mortgages
- ANZ customers are more likely to have used a mortgage broker
- CBA has the highest proportion of new mortgagors
- Westpac customers perceive themselves as more loyal
- NAB has effectively cross-sold other financial products to its mortgage
customers
- Perceived safety affects cross-selling and choice of rate type
- CBA and NAB customers are especially likely to have several different
products with the institution
- CBA has benefitted from cross-selling mortgages to transaction account
customers
- St.George customers are the most likely to have a fixed rate loan
- Mortgage stress is relatively common for Australian mortgagors despite low
default rates
- ANZ customers are the most likely to express currently experiencing
mortgage stress
- CBA customers are the most likely to expect future mortgage payments to
become difficult
- 44% of ANZ mortgagors claim to have cut back on luxury spending to
afford their mortgage
- ANZ mortgagors are more likely to incur further debt and look to sell
property
- Satisfaction with mortgage providers has fallen and converged between
providers
CUSTOMER ACQUISITION AND RETENTION STRATEGIES
- Institutions need to provide a smooth and seamless customer experience
- The backlog of mortgage applications has highlighted the importance of
turnaround times
- Multiple products held with the same institution can offer both
advantages and disadvantages
- Increasing competition will ensure pricing remains a key aspect driving
consumer choice
- Mortgage innovation is slowly picking up in the Australian market
- Bankwest has launched a capped rate product
- ING DIRECT is launching a new offset product through the broker channel
- Macquarie Bank is considering reentering the market
- There is room for further innovation in Australia based on UK experiences
- Mortgage brokers and the internet channel will continue to grow in
importance
- The broker channel will be a key focus for incumbents and new entrants
alike
- The internet channel will continue to slowly grow in importance
APPENDIX
- Supplementary data
- Definitions
- Balances outstanding
- CAGR
- Cash rate target
- Gross advances
- Lending commitments
- Mortgage manager
- Mortgage offset account
- Non-conforming
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Outstanding housing loans on the books of banks, August 2009
- Table: Outstanding housing loans on the books of banks, August 2009
- Table: Cross-selling to mortgage customers, April 2009
- Table: CBA customers are the most likely to have different financial
products with CBA, April 2009
- Table: Cross-selling to mortgage customers, April 2009
- Table: Fixed rate schedule for different combinations of LTV and loan
fixed term at Nationwide
- Table: Fixed rate schedule for mortgages with a two year fixed rate at
Nationwide
- Table: Household credit aggregates, January 2000 - July 2009
- Table: Housing credit aggregates, January 2000 - July 2009
- Table: Monthly housing lending commitments, January 2000 - July 2009
- Table: Total housing debt to housing asset ratio, March 2000 - March 2009
- Table: Aggregate interest payments to income ratio, March 2000 - June 2009
- Table: Monthly amount paid on main mortgage, April 2009
- Table: Price index of established homes in the capital cities, March 2004
- June 2009
- Table: Median price of established house transfers in five capital cities,
March 2004 - December 2008
- Table: Bank mortgage fees from households, 2000 - 2008
- Table: Housing lending commitment forecasts, 2000 - 2013f
- Table: First time buyer proportion of owner-occupier lending commitments,
January 2000 - July 2009
- Table: Monthly lending commitments, January 2000 - July 2009
- Table: Investor proportion of lending, January 2000 - July 2009
- Table: Refinancing as a proportion of owner-occupier lending commitments,
January 2000 - July 2009
- Table: Time held main mortgage with current mortgage provider, April 2009
- Table: Time mortgage is expected to be held with current provider, April
2009
- Table: Deposit when taking out main mortgage, April 2009
- Table: Source of deposit for main mortgage, April 2009
- Table: Cash rate target, January 2000 - October 2009
- Table: Average bank mortgage rates, January 2004 - August 2009
- Table: Rate type of main mortgage, April 2009
- Table: Fixed rate proportion of owner-occupier lending commitments,
January 2000 - July 2009
- Table: Provider of main mortgage, April 2009
- Table: Outstanding housing loans on the books of banks, August 2009
- Table: Market shares of outstanding mortgages, August 2009
- Table: Number of different financial products held with each institution
by its customers, April 2009
- Table: Number of mortgages held by customers with different main mortgage
providers, April 2009
- Table: Investment properties held by customers with different main
mortgage providers, April 2009
- Table: Monthly amount spent on main mortgage, April 2009
- Table: Features of main mortgage, April 2009
- Table: Current size of main mortgage, April 2009
- Table: Current size of main mortgage, April 2009
- Table: Proportion of main mortgage customers that used broker for main
mortgage, April 2009
- Table: Sources of information used when choosing main mortgage provider,
April 2009
- Table: Propensity to use mortgage broker for new mortgage, April 2009
- Table: Time held main mortgage with current mortgage provider, April 2009
- Table: Time mortgage is expected to be held with current provider, April
2009
- Table: Reasons for choosing main mortgage provider, April 2009
- Table: Rate type of main mortgage, April 2009
- Table: Proportion that agree or strongly agree with different attitude
statements, April 2009
- Table: Deposit when taking out main mortgage, April 2009
- Table: Sources of deposit for main mortgage, April 2009
- Table: Difficulty of keeping up repayments on main mortgage for the next
five years, April 2009
- Table: Proportion that agree or strongly agree with mortgage stress
reaction questions, April 2009
- Table: Satisfaction with main mortgage provider, 2008 - 2009
- Table: Satisfaction with main mortgage provider, April 2009
- Table: Proportion that is satisfied or very satisfied with main mortgage
provider, 2008 - 2009
- Table: Mortgage broker usage, April 2009
- Table: Top reasons for wanting to use mortgage broker, April 2009
- Table: Top reasons for not wanting to use mortgage broker, April 2009
- Table: Propensity for using the internet to arrange mortgage, 2008 - 2009
- Table: Obstacles to arranging products over the internet, April 2009
FIGURES