Treasurer Wayne Swan says the smaller banks are now more competitive against the majors and have gained $17.7 billion in market share since the government banned exit fees a year ago. The gains by smaller banks represent only 1.5 per cent of Australia’s $1.2 trillion home-loan market.
“The non-major banks have grown their home lending at almost three times the rate of their bigger rivals over the past year,” Mr Swan says. “The ban on mortgage exit fees means that if Australians don’t like a decision a bank makes, they can walk down the road and look for a better deal.”
Source: The Australian
