There are four very large locally owned banks in Australia that serve a large proportion of the market. Each of the large banks offer the advantage of a well known name, extensive national branch network and comprehensive product range.
Apart from the “big 4” there are a number of other banks in Australia, that can be summarised as follows:
- Other Australian banks – these banks are locally owned and have tended to be most successful in their original state of origin, but they are increasingly expanding their branch networks into other states.
- Overseas banks – there are a number of large overseas banks that operate either via local Australian subsidiaries, or as a branch of the overseas parent. Some of these players specialise in loans distributed via brokers, or even direct via the internet.