The price war between Australia’s banks is doing little to stimulate buyer optimism, a new survey has found.
According to a national survey by Loan Market Group, just 12 per cent of respondents believe the price war will spark “real competition” in the home finance sector.
Of the 420 respondents, 45 per cent though the price war will serve to boost the profile of the banks, while 23 per cent were unaware of any price war and 20 per cent welcomed the development but doubt it will last.
“There’s obviously some scepticism among borrowers about the potential benefits of the major banks trying to outdo one another to win over customers,” Loan Market Chief operating officer Dean Rushton said.
“But the bottom line is there are some good deals to be had and customers can save a lot of money by choosing the right deal.”
Mr Rushton welcomed the increased competition as it will ultimately help borrowers secure a better deal.
“The major banks competing head on can only lead to benefits to consumers,” he said.
“Loan Market has always been a strong advocate of increased competition in the home loans sector.”
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