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ING Direct drops down the mortgage league table

01 August 2013 4:32PM
ING Direct has been overtaken as Australia's fifth largest home lender after suffering a year of net outflows from its mortgage portfolio. Suncorp Bank has moved ahead of it.According to the latest Australian Prudential Regulation Authority bank statistics, released yesterday, ING Direct has lost 22 basis points of market share since June last year, as its mortgage book contracted from A$37.6 billion to $36.2 billion at the end of June.Suncorp Bank has had one of the strongest growth rates in the market over the past year - up 9.4 per cent, to $37.05 billion.Among the big banks, NAB continues to report the strongest growth - up seven per cent in the year to June. ANZ's mortgage book grew by 5.4 per cent over the same period, Commonwealth Bank's by 1.9 per cent and Westpac's by 1.8 per cent.CBA's performance in the mortgage market has picked up over the past six months, with growth above system, while Westpac remains below system.Other mortgage lenders reporting growth above system include HSBC Bank Australia, whose book increased by 5.5 per cent in the year to June; AMP Bank (up 5.2 per cent); ME Bank (up five per cent); and Bendigo and Adelaide Bank (up 4.3 per cent).

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