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. 

LISTEN ABOVE