Advisers wrote 63% of Westpac's new mortgages in latest year
That was up from 60% in the previous year and the upward trend “is very similar to the trend in many banking markets,” McGrath said.
“Competition is fierce and having someone who consumers see as independent and acting on their behalf, it makes sence. Advisers can have a really key role to play.”
Westpac's net new mortgage lending in the second half slowed to $505 million from $1.44 billion in the first half, but McGrath said that reflected competition rather than any pullback from Westpac.
“We continue to compete hard. We don't always win. It certainly reinforces to me that competition is alive and well.”
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