About one million mortgage holders are now looking to swap their lenders within the next six months, according to new research released by Newspoll.
Research showed that exit mortgage fees are not a hindrance for one in five mortgage holders in Australia who are looking to switch lenders.
If the exit fees were removed, the number of mortgage holders leaving their current lender would be more than double, with 40 percent looking to swap in the coming months.
Julian Brophy of communications firm Perception Partners said the results showed that there will be a lot of movement between brokers next year.
“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.”
The percentage of people saying they will not likely switch mortgage lenders if exit fees were removed dropped to 58 percent from 82 percent.
“With these findings, Australian borrowers are sending a serious shot across the bows of the home loan banking sector,” he said.