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Institutions need to provide a smooth and seamless customer experience

The backlog of mortgage applications has highlighted the importance of turnaround times
Multiple products held with the same institution can offer both advantages and disadvantages
Increasing competition will ensure pricing remains a key aspect driving consumer choice

Mortgage innovation is slowly picking up in the Australian market

Bankwest has launched a capped rate product
ING DIRECT is launching a new offset product through the broker channel
Macquarie Bank is considering reentering the market
There is room for further innovation in Australia based on UK experiences

Mortgage brokers and the internet channel will continue to grow in importance

The broker channel will be a key focus for incumbents and new entrants alike
The internet channel will continue to slowly grow in importance

APPENDIX

Supplementary data

Definitions

Balances outstanding
CAGR
Cash rate target
Gross advances
Lending commitments
Mortgage manager
Mortgage offset account
Non-conforming

Methodology

Further reading

Ask the analyst

Datamonitor consulting

Disclaimer

TABLES

Table: Outstanding housing loans on the books of banks, August 2009

Table: Cross-selling to mortgage customers, April 2009

Table: CBA customers are the most likely to have different financial products with CBA, April 2009

Table: Cross-selling to mortgage customers, April 2009

Table: Fixed rate schedule for different combinations of LTV and loan fixed term at Nationwide

Table: Fixed rate schedule for mortgages with a two year fixed rate at Nationwide

Table: Household credit aggregates, January 2000 - July 2009

Table: Housing credit aggregates, January 2000 - July 2009

Table: Monthly housing lending commitments, January 2000 - July 2009

Table: Total housing debt to housing asset ratio, March 2000 - March 2009

Table: Aggregate interest payments to income ratio, March 2000 - June 2009

Table: Monthly amount paid on main mortgage, April 2009

Table: Price index of established homes in the capital cities, March 2004 - June 2009

Table: Median price of established house transfers in five capital cities, March 2004 - December 2008

Table: Bank mortgage fees from households, 2000 - 2008

Table: Housing lending commitment forecasts, 2000 - 2013f

Table: First time buyer proportion of owner-occupier lending commitments, January 2000 - July 2009

Table: Monthly lending commitments, January 2000 - July 2009

Table: Investor proportion of lending, January 2000 - July 2009

Table: Refinancing as a proportion of owner-occupier lending commitments, January 2000 - July 2009

Table: Time held main mortgage with current mortgage provider, April 2009

Table: Time mortgage is expected to be held with current provider, April 2009

Table: Deposit when taking out main mortgage, April 2009

Table: Source of deposit for main mortgage, April 2009

Table: Cash rate target, January 2000 - October 2009

Table: Average bank mortgage rates, January 2004 - August 2009

Table: Rate type of main mortgage, April 2009

Table: Fixed rate proportion of owner-occupier lending commitments, January 2000 - July 2009

Table: Provider of main mortgage, April 2009

Table: Outstanding housing loans on the books of banks, August 2009

Table: Market shares of outstanding mortgages, August 2009

Table: Number of different financial products held with each institution by its customers, April 2009

Table: Number of mortgages held by customers with different main mortgage providers, April 2009

Table: Investment properties held by customers with different main mortgage providers, April 2009

Table: Monthly amount spent on main mortgage, April 2009

Table: Features of main mortgage, April 2009

Table: Current size of main mortgage, April 2009

Table: Proportion of main mortgage customers that used broker for main mortgage, April 2009

Table: Sources of information used when choosing main mortgage provider, April 2009

Table: Propensity to use mortgage broker for new mortgage, April 2009

Table: Time held main mortgage with current mortgage provider, April 2009

Table: Time mortgage is expected to be held with current provider, April 2009

Table: Reasons for choosing main mortgage provider, April 2009

Table: Rate type of main mortgage, April 2009

Table: Proportion that agree or strongly agree with different attitude statements, April 2009

Table: Deposit when taking out main mortgage, April 2009

Table: Sources of deposit for main mortgage, April 2009

Table: Difficulty of keeping up repayments on main mortgage for the next five years, April 2009

Table: Proportion that agree or strongly agree with mortgage stress reaction questions, April 2009

Table: Satisfaction with main mortgage provider, 2008 - 2009

Table: Satisfaction with main mortgage provider, April 2009

Table: Proportion that is satisfied or very satisfied with main mortgage provider, 2008 - 2009

Table: Mortgage broker usage, April 2009

Table: Top reasons for wanting to use mortgage broker, April 2009

Table: Top reasons for not wanting to use mortgage broker, April 2009

Table: Propensity for using the internet to arrange mortgage, 2008 - 2009

Table: Obstacles to arranging products over the internet, April 2009

FIGURES

Figure: Consumers tend to fix their rates at interest rate peaks, January 2004 - July 2009

Figure: CBA and Westpac hold 46% of outstanding household mortgages, August 2009

Figure: Housing credit aggregates reached A$1.0 trillion in July 2009, January 2000 - July 2009

Figure: Owner-occupier housing credit aggregates reached A$733 billion in July 2009, January 2000 - July 2009

Figure: Housing credit aggregates have grown smoothly over the last two years, July 2007 - July 2009

Figure: Lending commitments fell in early 2008, January 2000 - July 2009

Figure: Monthly lending commitments recovered in early 2009, July 2008 - July 2009

Figure: In March 2009 housing debt to housing assets exceed 30%, March 2000 - March 2009

Figure: Interest payments as a proportion of disposable income fell recently, March 2000 - June 2009

Figure: Mortgagors commonly pay A$1,000 - 1,499 on their main mortgage, April 2009

Figure: Property prices rose sharply between 2006 and 2008, March 2004 - June 2009

Figure: Property prices in state capitals have converged, March 2004 - December 2008

Figure: Banks accrued over A$1 billion in household mortgage fees in 2008, 2000 - 2008

Figure: Lending commitments are forecasted to recover over the next five years, 2000 - 2013f

Figure: First home buyers reached a peak in May 2009, January 2000 - July 2009

Figure: Investor proportion of lending commitments has fallen since 2003, January 2000 - July 2009

Figure: Investor proportion of lending commitments hit a low in March 2009, January 2000 - July 2009

Figure: The refinancing proportion of lending commitments has leveled off, January 2000 - July 2009

Figure: Almost one in five mortgagors have held their main mortgage one year or less, April 2009

Figure: Most mortgagors expect to keep their current mortgage provider for 10 years or more, April 2009

Figure: A quarter of mortgagors had below 5% deposit for their main mortgage, April 2009

Figure: Savings is the main source for deposits but not the only one, April 2009

Figure: The cash interest rate target has fallen from a March 2008 peak, January 2000 - October 2009

Figure: Average fixed rates recently exceeded standard rates, January 2004 - August 2009

Figure: Most mortgagors do not fix their main mortgage, April 2009

Figure: The fixed rate proportion of lending commitments peaked in March 2008, January 2000 - July 2009

Figure: Consumers tend to fix their rates at interest rate peaks, January 2004 - July 2009

Figure: CBA is the largest individual brand for main mortgages, April 2009

Figure: CBA has the highest outstanding housing loans on its books, August 2009

Figure: CBA and Westpac hold 46% of outstanding household mortgages, August 2009

Figure: NAB customers are more likely to have several mortgages, April 2009

Figure: NAB customers are more likely to have investment properties, April 2009

Figure: NAB has the highest proportion of higher value mortgagors, April 2009

Figure: St.George mortgagors are more likely to have a no-frills main mortgage, April 2009

Figure: St.George has the highest proportion of lower value mortgagors, April 2009

Figure: St.George customers had the lowest value original mortgages, April 2009

Figure: ANZ main mortgage customers are more likely to have used a broker, April 2009

Figure: ANZ customers commonly regard brokers as a source of information, April 2009

Figure: ANZ mortgagors are more likely to use a broker for a new mortgage, April 2009

Figure: CBA mortgagors are more likely to have been with the provider a short period, April 2009

Figure: Westpac customers are likely to expect to keep their provider long-term, April 2009

Figure: CBA and NAB customers have the highest number of products with the banks, April 2009

Figure: CBA customers are the most likely to hold several different products with the bank, April 2009

Figure: NAB mortgagors are the most likely to hold several product types with the bank, April 2009

Figure: ANZ mortgagors are more rate-driven, April 2009

Figure: St.George mortgagors are the most likely to have a fixed rate component, April 2009

Figure: ANZ mortgagors are the most likely to report mortgage stress, April 2009

Figure: ANZ mortgagors are the most likely to have had a significant deposit, April 2009

Figure: St.George customers are the most likely to have saved for their deposit, April 2009

Figure: CBA customers are more likely to expect payments to become hard, April 2009

Figure: ANZ and CBA customers commonly have cut back on luxuries, April 2009

Figure: ANZ customers are more likely to have borrowed elsewhere to afford payments, April 2009

Figure: Overall mortgage provider satisfaction has fallen, 2008 - 2009

Figure: ANZ has the highest proportion of satisfied mortgage customers, April 2009

Figure: Mortgage provider satisfaction has converged between the banks, 2008 - 2009

Figure: Mortgage broker usage and expected future usage is consistent, April 2009

Figure: Rate consciousness drives mortgage broker usage, April 2009

Figure: Uncertainty has lowered internet channel usage, 2008 - 2009

Figure: Lacking interactivity is an obstacle for internet product arrangement, April 2009

Figure: Three main product characteristics determine suitability for the internet channel

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