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Aussies switched off to switching

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Australian Broker | 16 Mar 2012, 05:00 AM Agree 0
The vast majority of Australians have turned a deaf ear to media and government rhetoric on bank switching, with only 5% changing banks in the past year
  • Aussiemike | 16 Mar 2012, 09:47 AM Agree 0
    There is almost no competion in bank interest rates as they all set their rates togaether. Why go through the hassel of switching. It would be good if you could borrow off the reserve bank and by pass the retail banks.
  • Brad Oliver | 16 Mar 2012, 11:36 AM Agree 0
    Refinancing for a better deal is pretty much dead now as the lenders retention teams end up matching what the new lender offers anyway. When a client of mine wants a better deal I simply tell them to call their lender and tell that Bank A has offered them a great deal to switch (eg, 3 yr fixed 5.99)and they want them to match it. In most cases the lender does match it.
    Far too often I have gone to the extent of arranging a refinance to a better rate etc only to be slam dunked by a retention team at the last minute, leaving me out of pocket. At least this way, I have saved myself, the client and the new lender a lot of heartache, the client gets a better deal and I keep my trail....just no new upfront.
    But at the end of the day I have truly helped my client to get a better deal.
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