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Aggressive consumers want the best rates

“Consumers are price sensitive and want to find the best deals from their banks,” said RFi’s director of consulting Alan Shields.

For example, 67 per cent of consumers now say a decision to refinance their mortgage is based purely on rates and many consumers have become aggressive with their demands, with 29 per cent of interviewees saying they would only consider refinancing for a rate discount of at least 100 basis points.

Mr Shields said government and media campaigns that encourage Australians to “shop around” for the best deal are starting to have an impact on borrowers.

“Banks can no longer rely on customer apathy as a defence mechanism. They need to engage directly with customers and build loyalty.”

Source: The Adviser

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