where to from here., page-5

Acknowledge your point on lower churn than expected - RHG had v.low expectations. Some observations:

Churn rates to date have been slow as refinance process between different lenders takes time. Pipeline of refins is strong.

Churn rate at RHG relative to industry is high and will get worse. Principally due to prior points on broker loyalty and no choice but to raise mortgage rates due to higher funding costs. Fundamentally the runoff book is all prime and LMI insured - the borrowers will have no issues with refin with other lenders.

If your a RHG holder - good luck my friend!