Finance
Australia’s Biggest Bank Says Fierce Mortgage Fight Isn’t Over
- Commonwealth Bank has lost market share in home loans
- Consumers look for new mortgages as fixed-rate loans end
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Commonwealth Bank of Australia expects the severe competition for home loans that’s eroding market share for the country’s biggest lender to endure into next year, piling further pressure on its largest business.
The firm’s decline in total housing loans in July likely extended into August after the bank’s decision to tilt toward shareholder returns. That’s according to Michael Baumann, executive general manager for home buying at Commonwealth Bank.