Brokers having some influence on market share
The lenders mortgage brokers recommend their clients don’t necessarily follow the same pattern as the lenders’ overall market shares, suggesting that brokers are having at least some influence in determining those market shares.
Monday, June 21st 2004, 7:41AM
by Jenny Ruth
Ray Hair, national sales manager at mortgage broking aggregator Plan Australia and trans Tasman manager for Plan New Zealand, told last month’s New Zealand annual conference that his organisation’s lending patterns are significantly different.
In the year ended March, $262 million or 23.9% of loans written by Plan New Zealand members were with ASB Bank, Hair says. Westpac got $245 million or 22.3%, ANZ got $203 million or 18.6% and National Bank got $173 million or 15.8%.
The ASB-owned Sovereign accounted for a further $94 million or 8.6% on Plan members’ loans.
Plan New Zealand started in April 2002 and the New Zealand members lodged $135 million in loans in March.
"Officially New Zealand is now the fifth largest state in Australia for Plan," writing more business than its South Australian members, Hair says.
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