Top 4 banks in Australia control home loans market

Statistics from the Australian Prudential Regulatory Authority reveal that the top four banks control more than 80% of the housing loan market.

Westpac, CBA, ANZ and NAB collectively own approximately 83% of all owner-occupied housing mortgage loans in September 2010 – up 0.3% from August 2010.

According to Senator Nick Xenophon, the high concentration reaffirms the importance of a Senate inquiry into the banking system. “The higher the concentration of the big four banks, the higher the fees and charges and more pressure on the consumers,” said Xenophon.

Home loans held by the major banks totalled $563.5bn – the total mortgage loan market is $700bn.