According to reports by the The Australian Financial Review, Citibank and Virgin Money are working on a retail project that is designed to shake up the finance industry in Australia.
It seems that Virgin Money and Citibank are intending to challenge the major lenders control over transactional bank accounts, credit cards and mortgages.
The latest APRA statistics indicate that the big four banks currently make up more than 80 per cent of all the home loans written.
Virgin Money’s Matt Baxby told the media that the Australian mortgage industry was ready for some new blood.
Mr Baxby said before the GFC, consumers had a choice of banks, however, since the GFC, the choice of lenders has narrowed significantly
Webdeal Home Loans - webdeal.com.au All rights reserved