Brokers unhappy with ASB's new refix process

The bank, is now contacting clients directly when it comes time to refixes offering new rates and terms.

It is doing this electronically and is contacting all clients no matter which channel they came through. Under new process ASB is offering new rates and terms and often the rates are better than what mortgage advisers can offer.

They are also pricing these re-fixes differently, and clients will be offered cheaper rates based on the amount of overall banking business with this lender – not just on loan size.

Mortgage Supply chief executive Jenny Campbell says she has voiced concerns that this process completely excludes the adviser, and offers the client zero opportunities for advice.