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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: 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: 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
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