Business
Banks beware: Fast, cheap loans set to disrupt $1.9 trillion mortgage market – Sydney Morning Herald
The combination of excess returns and new tech-based rivals have stoked predictions an Uber-like disruption is coming to the $1.9 trillion home loan market.
Many have tried to disrupt home lending in similar ways in Australia, with limited success. But Wilson argues the banks will face a key competitive battle in fighting non-bank lenders such as Athena Home Loans and Nano, both of which use technology to deliver quick, low-cost mortgages through online channels.
He says that over the next three to five years, the mortgage market could undergo the sort of disruption that Uber inflicted on taxis.
To be fair to the big banks, they are starting from a…
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