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Despite some improvements, significant barriers remain for consumers who want to switch home loan products.
According to research conducted by RateCity home loans, along with transaction accounts, are the most difficult financial products for consumers to change.
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The detailed paperwork and expenses associated with home loans were attributed to their difficulty, along with the fact that many now come in packages featuring other financial products.
Damian Smith, RateCity CEO, said switching barriers remained a key area for government action.
“Over the past couple of years it has gotten easier for Australians to switch between financial institutions but it still isn’t easy enough,” he said.
“Initiatives like greater transparency on exit fees from home loans and a one-stop shop to help move direct debits from one account to another, would have a real impact.”
