Making headlines today, The Australian Financial Review has reported that CHOICE’s bid to take on the big banks is off to a rocky start.
According to the paper, substantiative negotiations between the Big Bank Switch Campaign and Australia’s mortgage lenders are yet to begin.
Two weeks ago, consumer advocate CHOICE joined hands with One Big Switch to help borrowers into a better mortgage rate. Since that time, more than 40,000 mortgage holders have registered their interest in the joint campaign, commonly referred to as Big Bank Switch.
But despite the significant borrower interest, CBA, NAB, ANZ and Westpac all said they were yet to hold any meaningful “conversations” with One Big Switch owner and founder Lachlan Harris.
An ANZ spokesperson told the paper that while Mr Harris had been in contact with the bank, he had only spoken to a “relatively junior staffer”.
And the story was much the same for the other lenders.
Westpac and NAB both said they had not seen any detailed proposals, while CBA was hard pushed to find a member of staff that had actually spoken with Mr Harris.
Yesterday, The Adviser reported that ASIC was currently investigating the Big Bank Switch campaign to see if it met all the legislative requirements outlined under the NCCP Act.