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Consumers are becoming fed-up with Australia’s major lenders and are ready to turn to alternative institutions, new research has found.
According to RFi, there are indications that the second-tier lenders could snap up market share as the majors continue to engage in their own guerilla skirmishes.
Director Alan Shields said consumer dissatisfaction stems back to Big Four’s decision to move outside of the RBA on rates last November.
And he said consumers are beginning to select one of Australia’s non-majors as their lender of choice in reply.
“We poll consumers every quarter to see who their first lender preference would be. Increasingly consumers are showing that their first preference would be a non-major,” Shields told The Adviser.
He also said non-bank satisfaction has been on the up quarter on quarter.
Viva competition! Home buyers vote for the freedom to choose - Competitive tension coupled with cash rate stability has seen an uptick in the uptake of variable rates.
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