David Cunningham: Squirrel Mortgages CEO on the record high number of mortgage holders changing banks

The Mike Hosking Breakfast

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Short term loans, minimal or no break fees, and cash-back incentives are driving a record number of mortgage holders changing lenders in June.

More than 3,500 holders switched nearly two and a half billion dollars of debt between loan providers last month.

It's the highest since records began in 2017.

Squirrel Mortgages CEO David Cunningham told Mike Hosking it’s a bit of a pass the parcel exercise for banks.

He says that rather than pass on a lower interest rate to everyone, they just give them to those who go searching.

Cunningham told Hosking it’s a good way to seemingly compete with each other without really impacting their profits.

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