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 

Short term loans, minimal or no break fees, and cash-back incentives are driving a record number of mortgage holders changing lenders in June.&nbsp;
More than 3,500 holders switched nearly two and a half billion dollars of debt between loan providers last month.&nbsp;
It's the highest since records began in 2017.&nbsp;
Squirrel Mortgages CEO David Cunningham told Mike Hosking it’s a bit of a pass the parcel exercise for banks.&nbsp;
He says that rather than pass on a lower interest rate to everyone, they just give them to those who go searching.&nbsp;
Cunningham told Hosking it’s a good way to seemingly compete with each other without really impacting their profits.&nbsp;
LISTEN ABOVE&nbsp;

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

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

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/51cbfebb-f4ef-466d-b243-b32901626e1d/transcript