News

The Commonwealth Bank of Australia's much publicised out of cycle rates hike has done little to dampen its popularity among brokers, Stargate's chief executive officer Brett Spencer said as he released the findings of Stargate's November Lender Popularity Index.

The Index found that for the second consecutive month the CBA led the field in broker volumes for the month of November, according to the lead story on The Adviser today.

CBA products accounted for 28% of all loans written last month - significantly higher than the other lenders.

The Index also revealed a better than expected showing from the second tier lenders: Bankwest came in second, while total loans to the majors were down 14% on the month before.

"I think we will see a degree of resurgence from the second tier lenders especially as dissatisfaction with the majors continues to mount," Spencer said.

And in other news, Brokernews reports the Treasurer remains determined to make his Fifth Pillar a reality.

Wayne Swan is expected re-open a limited government guarantee scheme for building societies and credit unions, as well as provide more money to the securitisation market.

Abacus head of public affairs Mark Degotardi told the ABC the move will be welcomed by credit unions and building societies.

"It would allow us to diversify our base of funding, which again gives us more confidence and the prudential regulator more confidence to be able to move forward and to grow our market share," he said.

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