One million Aussies look to switch banks

Making headlines today, The Herald Sun has reported that more than one million Australians are looking to switch their mortgage to another financial institution.

Research done by CoreData for the paper found 23 per cent of people with mortgages had started looking around for a new financial institution within the last few weeks.

In comparison, similar research undertaken just one year ago by CoreData found that just 4 per cent of people with mortgages were shopping around for a better deal, suggesting that there is widespread belief the big banks have profited unreasonably since last month's 25 basis point rate hike by the RBA.

In fact, more than 43 per cent of the people surveyed said the banks lifting mortgage rates more than the official Reserve Bank rise prompted them to actively consider changing financial institutions.