Borrowers complain about lack of competition

A new survey from Citibank has found 65% of respondents believe the banking sector suffers from a lack of competition.

Citibank director of mortgages Vibha Coburn said: “Despite the doom and gloom from our survey respondents, I believe the fact that Australians will look at mortgage providers outside the big four when choosing their home loan is a positive sign,” she said.

The survey also found consumer attitudes toward home ownership are changing. Eleven per cent of respondents said they had moved or downsized in the previous 12 months to lower their expenses, and 62% said that they have adjusted their expectations regarding their “dream home” due to the high cost of housing.

Source: Australian Broker News