Major Japanese lender to shake up Aussie mortgage market
A major Japanese bank is planning to stir up extra competition in the Australian mortgage market.
Bosses at Tokyo-based Sony's Bank have revealed the firm will conduct a feasibility study that could lead to the institution setting up an online banking facility down under, the Australian Financial Review reports.
It currently operates a low-cost branchless bank in the Far East and this modern way of operating could catch on in Australia.
Internet banking is already very popular among Aussies and nobody will be complaining about increased competition in the home loan sector – apart from the established Australian banks of course.
The "big four" – Westpac, National Australia Bank, Commonwealth Bank and ANZ – have dominated the mortgage industry for years, but the emergence of foreign banks like Sony's could really put the cat among the pigeons.
Many homeowners are peeved that very few lenders passed on recent national interest rate cuts in their entirety and this has prompted a lot of people to compare different products.
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