Cutthroat pricing: Westpac, ANZ tactics under fire
Home loan offers last month included $4000 cash back to customers who switch their existing loans to ANZ or Westpac subsidiaries St George, Rams or Bank of Melbourne. It raises questions about profitability for lenders and market share.
Firstmac chief financial officer James Austin said his Brisbane-based institution’s backbook – older customers – was facing a large level of “churn” due to such offers.
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