Westpac boosted its share of the home loan market to 21.4 per cent – biting into the all-dominant Commonwealth Bank.
But it is now back to growth as the lag effect from its cash-back offer boosts its loan book.Westpac has grown its mortgage book ahead of its rivals for the third month running, accelerating competition between retail banks where margins are already under intense pressure., a jump of 0.6 per cent and near double the growth rate of the overall system. This boosted Westpac’s share of the home loan market to 21.4 per cent – biting into the all-dominant Commonwealth Bank.
ongoing deposit pressures, we now forecast financial year 2024 and 2025 net interest margins down,” Mr Lyons said. The trend was replicated at Westpac and National Australia Bank when they gave their third quarter updates, and analysts and investors will have a keen eye on NIMs whenWestpac killed the $3500 cashback on its mainline brand at the end of June, yet has kept a $2000 offer in place with its regional offshoots like St George and Bank of Melbourne. The strong growth in August was attributed to a lag effect from the rush of loans signed before June 30, but could only settle in August.
RateCity research director Sally Tindall said CBA was in an “overt retreat” from the refinancing market, but would be forced to come back to the market with more competitive offers.
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