Mortgage Choice managing director Paul Lahiff believes that competition in the Australian mortgage market is great for consumers. As financial institutions develop new and innovative products and services, and use improved technology, borrowers have greater choice and better products.
Competition in any market is good as it tends to bring down the costs to consumers, allow for great choices and consumer control.
Mr Lahiff also says that an extensive and competitive lending market is a necessity when providing a "fair go" to consumers looking for a mortgage.
The competitive market offers home buyers broader choice, and puts downward pressure on interest rates and fees.