'Bank War' does little to shake up repayment term rankings, report shows

Wednesday 02 March 2011

Article by Mozo

Aussies looking to purchase properties and therefore compare home loans online, could be among those interested in the findings of a new report.

Loan customers see little benefit from 'Bank Wars'

A survey by the Home Loan Interest Rate Blog has shown that repayment term rankings changed for just one lender involved in the "Bank War".

"The Report shows that the one lender that generates some change in their Repayment Term Rank, CBA, only achieves this for refinanced NAB loans because of the $1,200 cash offer they have made to existing NAB customers," the blog explained.

"However, the report also showed that, even with the improved ranking caused by the cash offer, there were still more than 100 other loan products that rank higher than the best CBA loan product."

The report concluded that customers have not really benefitted from the aggressive competition among the big lenders, saying it has done little else other than generate "free publicity for the protagonists"

"It seems to have little real effect for either prospective borrowers or existing customers," the site added.

This article is brought to you by Mozo – Helping you compare home loans
 ADNFCR-1761-ID-800438700-ADNFCR

Find great home loan deals

Which type of home loan would you like to compare?

Back to top