The Reserve Bank's $200 billion pool of cheap money has allowed the big banks to launch a fixed-rate refinancing blitzkrieg, luring customers away from smaller lenders and potentially causing irreversible damage to the competitive landscape, according to one of Australia's biggest non-bank lenders.

Kim Cannon, founder and managing director of non-bank lender Firstmac, says the federal government must broaden access to the RBA's term funding facility before it kills off competitors and sets us back a generation.

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