Experts in the Media

Dan Jovevski – Sky News

CEO of WeMoney

‘Mortgage prison’: Australian families ‘shackled’ to current banks.

Founder and CEO of WeMoney Dan Jovevski says Australian families are “stuck in mortgage prison” as they are “shackled” to their current banks with no ability to swap over to banks offering lower rates.

“Mortgage prison put simply is the inability for mortgage holders that have a desire to refinance their properties but are unable to do so because they don’t have sufficient equity or serviceability to move to another bank to save money,” he told Sky News Australia.

“Most banks are trying to attract new customers with these low rates, and unfortunately for existing mortgage holders, the people that are with their current banks are often paying the highest rates.”