Non-bank lending soars

The global advisory firm's latest survey of non-bank lenders shows non-bank lending grew by 9.32% in the year to June, up to $13.35 billion.

Mortgages represented the bulk of the new business, yet asset finance and personal loans also rose during the 12 month period, the firm said.

Non-bank mortgages made up about $3 billion of the total, according to the report, amid a "continued tighter lending black box" among the established major lenders.

Net profit after tax for non-banks rose by 16.49% to more than $324 million last year, according to KPMG's Non-Bank Financial Institutions Performance Survey 2019 report.