Adam Clark

the refinance on the other hand is changing from one lender to another so when you change from one bank to another you then become a new to bank customer you get new to bank customer cash back so standard process for us and really industry standard process should be we'll go back to your existing provider and say hey look you know john and jane smith are exploring their options we want to get some cash retention to keep them how common is that

It's a really to be honest with you.

It's the bit of the industry I really don't understand, you know as a new to bank customer They will give you 0.9 any day of the week.

No questions asked.

It is just a standard offer, right?

Whereas to keep you even though you're outside your three-year agreement You're free as a bird to go somewhere else.

You've got no interest rates tying you to that bank they might give you a 0.3 0.4 maybe and

Correct.

And this is the bit that I don't understand from a business perspective.

I mean, anyone who owns business understands, you know, the acquisition costs of your customer.

You know, onboarding costs, all the payback, all the assessment, there's huge amounts of money and costs involved.

If they just looked after their customers, people would never have a reason to leave.

The exception to that obviously is when you've got different bank product that you want to take advantage of or good energy home loans, those kind of things, they are bank specific and so you might want to change for a product reason.

But a lot of people will change banks because they're going to get free money.

Oh, totally.

And it makes me laugh so much, especially like with my customers, I will have, I might take up, you know, let's say I might take up six hours of your time.

And that's an upfront phone call.

There's some paperwork required.

I will then do everything else throughout the process.

We'll have a structure call.