Credit unions skip broker channel

Home loan broker Mortgage Choice has not had a credit union product on its panel since July last year, when the institution whose product the broker offered withdrew it from third party distribution because of funding problems.

In the report of its results for the six months to December, Mortgage Choice disclosed that major banks had increased their share of its settlements from 60 to 83 per cent over the past year.

Foreign bank share has fallen from 16 to nine per cent over the same period, regional bank share has fallen from six to four per cent and building society share has dropped from six to three per cent.

Credit union share fell from seven per cent to zero, "other banks" went down from two to one per cent and "other" went from three to one per cent.