Short term loans, minimal or no break fees, and cash-back incentives are driving a record number of mortgage holders changing lenders in June.
More than 3,500 holders switched nearly two and a half billion dollars of debt between loan providers last month.
It's the highest since records began in 2017.
Squirrel Mortgages CEO David Cunningham told Mike Hosking it’s a bit of a pass the parcel exercise for banks.
He says that rather than pass on a lower interest rate to everyone, they just give them to those who go searching.
Cunningham told Hosking it’s a good way to seemingly compete with each other without really impacting their profits.
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The Mike Hosking Breakfast