NAB irrelevant in broker channel

You can say one thing about Choice Aggregation Services, PLAN Australia and FAST: like other mortgage brokers they don't sell NAB home loans. Or infrequently, at least.

National Australia Bank, by choice and practice, sources very few loans from mortgage brokers, leaving the lion's share of new business from that source to waft toward Commonwealth Bank (mainly) and also Westpac.

Aggregator data suggests CBA is winning as much as 40 per cent of all new business sourced through the broker channel, including business from BankWest. (And coincidentally, CBA says about 40 per cent of its new business is sourced through the broker channel, up from 38 per cent a year ago).

Westpac's share through the broker channel is about 20 per cent (including St George and Rams).

Even ANZ, which is otherwise the also-ran of the mortgage sector among the big four, is generating almost as much new business through brokers as Westpac.

NAB's market share is somewhere between five per cent and 10 per cent, depending on the broker, with most of this sourced under its HomeSide brand rather than the NAB brand. HomeSide, in theory, is NAB's brand for the broker channel.

NAB's historical market share in mortgages is around 18 per cent and so its failure to defend this market share through the broker channel must be a frustration to bank management.