Non-bank lending is experiencing a boom, as more banks turn down borrowers and more borrowers sign up for "buy now, pay later schemes".
KPMG has released its Non-Bank Financial Institutions Performance Survey for 2019, which found a record $324 million dollar profit for the sector. Non-bank mortgages has seen the biggest area of growth - with lending increasing to nearly $3b, but there's also been an increase in non-bank personal loans.
Buy Now, Pay Later service providers have also been one of the largest disruptors to the personal finance sector.
Kathryn is joined by KPMG's Head of Banking and Finance, John Kensington and Dr Claire Matthews from Massey University's business school.
Photo: 123 RF
