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Bankwest & St George picking up refinancers

10/10/2011

As the Big Four have traded discounts and cash bonuses to attract new business, regional banks have outstripped their larger cousins when it comes to growing their refinancing business, the Market Intelligence Strategy Centre says.

Major bank refinancing increased 10.5 per cent, lagging behind regional banks such as the Westpac-owned St George and BankSA and the Commonwealth Bank-owned BankWest, which increased 13.76 per cent.

The report credits aggressive marketing tactics - including the abolition of exit fees and the offering of cash rebates - as being responsible for the growth in the refinancing market.

Source: Adelaide Advertiser



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