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The Lucky Country - A Comparison of Australia & the UK Markets
Retail Finance Intelligence (RFI), Sep 2009, Pages: 24
Both Australia and the UK have seen reductions in GDP growth over the last year. However, while the UK has seen three consecutive quarters of negative GDP growth Australia has seen only one, followed by a surprise increase. While the ‘Global Financial Crisis’ has had global effects, as its name suggests, the effects on individual countries have varied. This report aims to compare the UK and Australian mortgage markets against this background of global crisis and domestic consequences, using both national economic data and the results of AMC surveys as well as the inaugural UKMC survey.
Scope and methodology
The report is focused on data collected in two surveys conducted online by RFI, one in the UK and one in Australia.
These surveys:
- Are nationally representative
- Involve responses from 2,000 mortgage holders
- Address a number of issues affecting mortgage holders, including consumer sentiment, market share, investment intentions, loan features and channel usage
- Share a number of questions, allowing direct comparison of the experience of consumers in both countries
Highlights
- In both Australia and the UK there has been a trend to consolidation among players in the mortgage market. In the UK lenders struggling to pay off bad debts or find affordable lending have been bought by competitors or the UK Government, while in Australia this has largely taken the form of larger banks buying up the smaller players, for instance Westpac’s acquisition of the non-bank lender RAMS after its collapse in 2007.
- Australian mortgage holders were more confident than those in the UK about unemployment, the domestic economy, the global economy, the credit crunch and the stability of the banking sector. Unemployment was the most important issue for Australians, while UK consumers were most concerned about the domestic economy.
- Convenience was a greater factor for UK borrowers using a broker, while Australian borrowers were more liable to see brokers as having more information, and therefore able to provide more mortgage options and be able to negotiate from a position of strength.
Reasons to read this report
- For an overview of what’s happening in the mortgage market in Australia and beyond
- To learn from developments in the UK mortgage market and how they are likely to reflect changes in the Australian market
- To gain insight into the wants and needs of mortgage holders
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