by Susan Edmunds
Over recent weeks there have been numerous media reports of banks trying to win business from each other with better interest rates and deal-sweeteners such as contributions towards legal fees and break fees.
Borrowers have reported receiving up to $5000 from banks to encourage them to move their lending.
But Banking Ombudsman Deborah Battell said her office had started to receive complaints from bank customers who had not been offered break fee discounts.
“Customers have heard that banks have been reducing or waiving break fees and they are complaining that their bank won’t do this for them.
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