In contrast, the Commonwealth Bank of Australia (CBA) has expanded its market share during the same period. CBA's mortgage book grew from $429 billion in March 2019 to $624 billion in March 2026, capturing approximately 26% of all new mortgage lending in Australia over these seven years.
Westpac's decline is partly attributed to disruptions in its broker relationships following the Royal Commission into Banking. The bank's response included tightening credit policies and temporarily withdrawing from certain broker segments, which may have impacted its market position.
For mortgage brokers and borrowers, this shift underscores the importance of evaluating lender options carefully. While Westpac has invested in enhancing its broker propositions, the competitive landscape suggests that exploring various lenders could yield more favorable loan terms and conditions.
As the mortgage market continues to evolve, staying informed about lender performance and market dynamics is essential for making strategic borrowing decisions.
Please Note: If this information affects you or is relevant to your circumstances, seek advice from a licensed professional.
