Smaller lenders grab more mortgage market share

Mortgage aggregator AFG has provided further evidence that small financial institutions are taking share away from the Big Four, with a report that 34 per cent of borrowers who refinanced home loans in October used a "non-major" lender.

Suncorp Bank accounted for 10.3 per cent of all refinance loans processed by AFG. Macquarie Bank accounted for 7.5 per cent.

Last week AFG reported that the majors' share of all mortgages written by its brokers in October was 71.7 - the smallest share recorded over the past year.

Early last year the big banks accounted for almost 80 per cent of AFG's business.

Suncorp's share of AFG business across all mortgage categories was 8.2 per cent in October, which is almost double since the start of the year.

Bank of Queensland's share of AFG business has grown from 0.5 per cent to 2.6 per cent over the same period.

Citibank's share of the fixed-rate segment has grown from 0.7 per cent to 1.4 per cent.