Major banks are playing dirty in the fight to retain home loan customers in a sagging housing market, with mortgage brokers fuming about the tactic of waiting until the last possible moment to offer the best deal, triggering calls for a new duty to be imposed on lenders to improve pricing transparency.
Mortgage brokers – who facilitated a record 81.6 per cent of all new home loans in the June quarter, according to data released by Cotality on Thursday – say banks have become more aggressive with retention strategies since the federal budget, which made tax changes that slammed the brakes on investor lending.
Loading…
