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Over 90 per cent of our loan volumes at Long Property have gone to the big banks recently.
But that hasn’t always been the case… around the time of the banking royal commission it was only around 50 per cent.
In today’s show we discuss some of the differences we’ve noticed between major vs. non-major banks in terms of their loan offerings recently.
At the Australian Financial Review Banking Summit on Tuesday, Westpac CEO Peter King said he was witnessing “the most competitive market I’ve seen in mortgages in my career”. And “You have to play because if you don’t, your book will shrink very quickly in terms of the overall dynamic,” [1] Mr King said.
[1] AFR, Intense banking competition spreads to business loans, deposits; Ayesha de Kretser, James Eyers and Aleks Vickovich, 28 March 2023.
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