resi mortgage corporation pty limited ABN 61 092 564 415
Level 3, 458 Wattle Street, Ultimo NSW 2007
Tel 02 9280 0007 Fax 02 9280 0009 E-mail save@resi.com.au PO Box 12 Broadway, NSW 2007
MEDIA STATEMENT
DECEMBER 10, 2009
BORROWERS WANTING MORE FROM THEIR LENDER NEED TO
RECONSIDER THE COMPETITION AND ‘VOTE WITH THEIR FEET’
Borrowers are being urged to ‘vote with their feet’ by reconsidering the competitive rate and
service offerings from some of the major non-banks after rates on many of their most popular
loans have only risen in line with official figures, rather than above them.
Resi’s Head of Consumer Advocacy, Lisa Montgomery, says after borrowers made the flight to
the perceived quality of the big banks when the global financial crisis first hit, events of the last
week have confirmed it’s time to reconsider the offerings of major non-banks for all the original
reasons they became popular more than twenty years ago - i.e. lower rates and genuine
customer service.
She says: “The competition provided by the major non-banks never really went away, but
certainly suffered as a result of borrowers who were spooked into thinking they would be better off
with a bank loan.
And now, those people are currently not only paying more for their mortgage than they need to,
but are also finding themselves understandably disenchanted with the way they are being treated
as a customer - leading many to question their reasons for returning.”
Montgomery says it’s time for those borrowers to vote with their feet and reconsider the offerings
of non-banks who have not only weathered the financial crisis, but are well placed to once again
be the knight in shining armour for many hard-working Australians.
She says: “Three official rate rises in a row has not only created a growing disparity in standard
variable rates between the banks and non-banks, but has also widened the playing field to which
all borrowers have access to, resulting in an increasing number of recent new enquiries to
established non-banks such as Resi.
She says: “We are now hearing from new customers wanting to know not just about the deals on
offer but more importantly about what level of service they can expect – something that non-
banks are not only famous for focusing on, but remains one of our key differentiators in the
mortgage market.”
Montgomery says all mortgage holders and prospective borrowers need to remember there are a
large number of very appealing and innovative loan options available from major non-banks, with
rates consistently lower than the banks - and backed by a core commitment to service excellence,
most commonly provided by local representatives dedicated to empowering the customer.
“It’s critical that by voting with their feet and choosing the non-bank alternative, borrowers can
ensure there is competition in the market, and that banks don’t ever dictate rates,” she added.
ENDS
Media Contact:
Lisa Montgomery, Head of Consumer Advocacy,
RESI Mortgage Corporation: (02) 8204 5012 or 0414 592 553
Karen Bristow - Kardan Consulting: 02 9967 3245
NEWS 
