'Angry' Aussies looking to switch banks

Wednesday 29 December 2010

Article by Mozo

Angry mortgage holders across Australia are looking to switch banks, according to a new report.

'Angry' Aussies looking to switch banks

This could see a number of Aussies compare home loans online in order to see which bank could offer them the best deal to suit their needs.

Research carried out by leading financial services research firm CoreData on behalf of the Herald Sun has revealed that one million Australians with mortgages have started looking for alternative institutions as a result of their dissatisfaction.

The study, which questioned more than 15,000 mortgage holders, showed that there is a belief that the big banks have "profited unreasonably" from the 0.25 per cent interest rate rise announced by the Reserve Bank last month.

According to the news provider, 23 per cent of the country's mortgage customers are now looking around for a new provider.

With 4.4 million home loan customers across the country, this amounts to around one million dissatisfied mortgage customers.

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