Suncorp ranks as top non-major bank first-home buyer lender as Commonwealth Bank grabs lion’s share of market: AFG

Queensland-based bank Suncorp financed 6.1% of all first-home buyer loans arranged by AFG mortgage brokers over December, according to new AFG figures.

It was the top-ranked lender outside the major banks with nearly 40% of all first-home buyer home loans processed in December either financed by the Commonwealth Bank or its subsidiary Bankwest, the latest AFG’s quarterly Competition Index shows.

Second on the non-major bank list was AFG’s own mortgage products, which accounted for 5% of all first-home buyer loans, up from 1.9% at the start of the year.

The other non-major bank lenders to appeal to first-home buyers were WA government-owned lender KeyStart with 4.9% of the market, recording the “most dynamic performance among non-major lenders” growing market share from just 0.1% in January.

ING Direct (2.1%) and South Australian government lender Homestart (1.1%) were the only other non-major bank lenders to pick up more than 1% of the first-home buyer market.

According to the index, the CBA accounted for 29.6% and Bankwest for 9.3% of all first home loans in December with the major banks taking 77.5% of the first-home buyer mortgage market.

The Commonwealth Bank’s success with first-home buyers has helped it pick up overall mortgage market share, which has risen from 17.4% in January to 20.7%

Despite accounting for nearly one in 10 first-home buyer home loans in December, Bankwest’s share of the total mortgage market has fallen from 7% to 4.2% over the past 12 months.

AFG bills itself as Australia’s largest mortgage broker, with its brokers writing one in 10 home loans in Australia.


Suncorp 6.1%

AFG 5.0%

ING 2.1%

Citibank 0.7% -

Macquarie 0.2%

Circle 0.2%

AMP 0.4% -

ME Bank 0.8%

Liberty 0.4%

Pepper 0.1%

Homestart 1.1%

Wide Bay 0.8%

Adelaide 0.1%

Heritage 0.3%

Rock 0.1%

Keystart 4.9%

Other 0.3%

All Non 22.5%


Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


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