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ISCOVER
Staff Reporter
The so-called ‘bank wars’ initiated by NAB is good for competition, but consumers need to tread carefully, Aussie’s executive chairman John Symond has warned.
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“Competition is always a good thing, but there is a lot of “noise” coming from the banks at the moment, which in essence is positive for the Australian public, but many of these offers come with caveats,” Mr Symond said.
“Some are offering to pay exit fees, which will be abolished from July 1 anyway, while others are offering special ‘honeymoon rates’ to switch over, which then revert to higher rates down the track.
Mr Symond said it would take the average person several weeks, or even months to research the hundreds of products available on the market today.
As a result of this, Mr Symond said brokers were in a great position to build market share.
“Brokers have the chance to show borrowers the benefits of using an accredited broker, who is accustomed to dealing with all of the banks on a day-to-day basis,” he said.
“A broker will know the most up-to-date offers and discounts, while it may be more difficult for the average borrower to find this information,” he said.
