ANZ is offering cash payments and other sweeteners to customers on the verge of switching their mortgages to rival lenders, as a competition war erupts between the major banks.
Mortgage brokers say ANZ, which is lagging the other major banks in the home lending market, is offering borrowers retention payments – typically $2000 – once they have submitted discharge paperwork. To retain customers, the bank is also offering fee waivers and discounts on competitors’ rates of between 15 and 20 basis points.
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