More home loan borrowers looking to refinance mortgage

A Newspoll has found nearly a million mortgage loan borrowers are likely to switch mortgage lenders in spite of exit fees. The survey found that more than 900,000 borrowers, or 18% of respondents, said they were likely to change mortgage lenders in the next six months. Nearly 40% said they would change if there were no exit fees.

The poll was commissioned by consultancy firm Perception Partners and was compiled from November 26 to 28, well after the last cash rate hike by the RBA.

Julian Brophy of Perception Partners has commented that the results should serve as a message to banks.

"The ongoing banking debate is clearly focusing the minds of borrowers on the options available to them, including the ultimate choice of changing to another lender," he said.

"With these findings, Australian borrowers are sending a serious shot across the bows of the home loan banking sector."