Mr. Ed Sibley:

In 2008, 19% or one fifth of mortgage drawdowns, were switchers from bank to bank. In 2014-16, the percentage number of switchers was 2% and it is expected to be 8% for 2016. The level of switching pretty much collapsed in part because of the issues that borrowers were facing and, to a degree, the level of trackers in the system and the level of competition and differentiation in the market. That differentiation is growing now and so the opportunity for borrowers to switch and the benefits of doing so is becoming more relevant. The Competition and Consumer Protection Commission website provides an excellent switching tool which allows borrowers to compare their current mortgage offering with those available in the market.