Westpac Loses Business To Rivals- Mortgage Broker Says
A leading mortgage broker Australian Finance Group, who says it helped secure finance for as much as 10 per cent of the Australian mortgage market, says that Westpac’s decision to raise its interest rate by 45 basis points or 20 basis points in excess of the official rise in interest rates, resulted in rivals picking up market share at its expense. In an interview with The Age, AFG said a ”large proportion” of its December business was as a consequence of the rate rise and came from disgruntled former Westpac borrowers. According to AFG the level of refinancing hit a yearly high in December, largely driven by anti-Westpac sentiment and resulting in CBA becoming taking the largest share of mortgage lending that month, overtaking rival Westpac
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Westpac Loses Business To Rivals- Mortgage Broker Says
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