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Non-conforming Mortgage Lending in Australia 2004Published by: Datamonitor Published: Nov. 23, 2004 - 83 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 INTRODUCTION 6 Scope 6 Who is the target reader? 7 How to use this briefing 7 Related reports 8 CHAPTER 2 MARKET CONTEXT 9 The growth of the Australian mortgage market 9 Lending commitments for housing amounted to AUS$197.6 billion in 2003 9 Lending commitments for refinancing amounted to AUS$30.8 billion in 2003 13 Low interest rates have been the catalyst for housing market growth 15 Evidence that the property market is slowing 17 Non-conforming lending explained 19 The nature of non-conforming lending 20 The history of non-conforming mortgage lending in Australia 24 The non-conforming population 27 Self-employed individuals in Australia numbered almost 1.3 million at the end of 2003 27 In the 2003/2004 financial year there were more than 20,000 Part VI and XI bankruptcies in Australia 33 There were 138,446 temporary residents in Australia in June 2004 38 Older borrowers represent an additional market segment for non-conforming lenders 40 Quantifying the non-conforming population 40 Sizing the non-conforming mortgage market 44 CHAPTER 3 COMPETITIVE DYNAMICS 47 Bluestone Mortgages 47 Liberty Financial 49 Pepper Home Loans 51 GE 53 Other non-conforming players 56 CHAPTER 4 FUTURE DECODED 58 Forecasting lending commitments in the non-conforming mortgage market 58 The growth of the non-conforming mortgage market will outstrip that recorded in the mortgage market as a whole 59 The future of non-conforming lending in Australia 61 Further competitive entry into the non-conforming market 61 Going beyond mortgages 63 CHAPTER 5 APPENDIX 67 Definitions 67 Research methodology 68 Datamonitor’s methodology used to size the non-conforming population 68 Datamonitor’s methodology used to size the non-conforming mortgage market 78 Future readings 79 Relevant links 80 Datamonitor’s custom research capabilities 80 SPP writing team 82 How to contact experts in your industry 83 AbstractIntroductionThe non-conforming mortgage market in Australia remains small. However, Datamonitor's opinion is that the market has considerable growth potential if mainstream lenders recognize the opportunities in the market and existing players continue to grow their market presence. How can opportunities in the non-conforming market be exploited? How large is the market and by how much can the market grow? Scope Covers non-conforming mortgage lending in Australia with comparison to the non-conforming mortgage market in the UK Includes an estimate of the size of the non-conforming mortgage market and a forecast of lending commitments to 2008 Based on in-depth interviews with executives working within the non-conforming mortgage market Highlights The roots of non-conforming lending in Australia can be found among solicitors, accountants and property companies. These players were the first to lend to individuals in the non-conforming population doing so in a largely unregulated manner and in modest volumes. It is estimated that around eight per cent of the 13 million credit eligible Australians have a default listing against their name. Assuming this estimate is correct around one million Australians have a default listed in their credit file. Non-conforming lenders interviewed for this briefing stated that between six and 25 per cent of loan applications are rejected by mainstream lenders and between 25 and 35 per cent of these applications are then underwritten by lenders in the non-conforming market. Reasons to Purchase Quantify the non-conforming population and lending commitments to individuals in the non-conforming population Examine the potential for competitive entry into the non-conforming market by players in the mainstream market and parties from overseas Benchmark non-conforming mortgage lenders Get Full Details About This Report >> |
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