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Finance Industry Market Size
In
2008 the value of all new home loans settled in Australia
was $283 billion. An average loan value of $243,000
indicates the sale of approximately 1,000,000 mortgages
in 2008 Australia wide, with the South Australian share
approximately 93,000. Approximately 65% of Australians
either own or are paying off their homes, with this
figure expected to decline over time. The average outstanding
mortgage value is $59,000, and the total value of outstanding
mortgages across Australia is just under one trillion
dollars.
Market
shares, as defined by the value of outstanding residential
mortgages is currently; Australian banks 82% foreign
banks 5% and mutual funds approximately 4%. Specifically
the ANZ currently holds 12.5% of the residential mortgage
market, CBA 20%, National 13%, Westpac 14.4%. St George
7.4%, Bendigo/Adelaide 2.7%, Bankwest 2.9%, Citigroup
1%, ING 3.4%, Credit Unions 2.9%, Building societies
1.4%, with 18.4% accounted for by non-bank lenders.
Reporting
discrepancies and fluctuating borrower motivations make
it difficult to accurately pinpoint market share by
borrower type. Using statistical averaging first home
buyers account for approximately 21% of the current
mortgage market, refinancers 38%, investors 28% with
the remaining 13% accounted for by other mortgage products.
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