The rise of the non-banks

In what’s been a challenging 12 months, Australia’s non-bank sector has supported home buyers and investors achieve their property goals. In fact, the Reserve Bank of Australia (RBA) reports that non-bank financial institutions are snagging a bigger portion of the home loan market, as more of us turn away from the big banks to explore fresh options. That’s seen home loan lending by non-banks grow by 15% annually, fast outpacing the regular banks.

• Support during tough times

The non-banks aren’t just bringing choice to the mortgage market. They’re also providing healthy competition, and that’s keeping lending rates low. Importantly, many non-banks were quick to extend a helping hand to homeowners at a time when support was most needed – during the worst of the Covid-19 pandemic.

“The coronavirus quickly became one of history’s most economically disruptive events, and we acted quickly on a number of fronts to protect and support our customers as well as the