More and more Australians are looking to make the switch when it comes to their mortgage lender. According to the CUA National Mortgage Survey: Expectations and Intentions, “Australians who have switched their home loans between banks have increased by more than 28% in the past 12 months.”
The main reason why Australians are shopping around is to find a lower interest rate, and lenders are starting to listen.
“Financial Institutions everywhere are responding to the increased number of switches through more competitive interest rates…” CUA General Manager – Sales and Service, Darrin Northey said.
The survey also found that 60% of respondents are concerned about the big four banks owning so many smaller banks, and a third of respondents would feel “extremely annoyed or misguided” if they found out that their mortgage lender was owned by one of the big four.