U.S. private equity giants are muscling in on Australia’s lucrative home loan business, shrugging off the risks of a falling market to seize an opportunity created by the retreat of the big domestic lenders.
KKR & Co., Blackstone Group LP and Cerberus Capital Management LP have all snapped up small Australian mortgage lenders in the past 14 months, providing the heavyweight backing that has made non-bank lenders the fastest-growing source of new home loans this year.
