I think you should not be surprised by that.
Bear with me on this! Many APRA people (and ASIC and RBA too) are from the banking industry, or plan to go there after they are finished at APRA, and I expect they will get a very well paid job.
So the lending hurdles have been raised significantly by our captured regulators, following a very lenient period, and the lenders have been assisted in bleeding those who cannot refinance, and those who cannot afford P+I repayments who are in high rate IO loans now. It is better for the banks to assume you can't refi, as many cannot, and they are trapped paying an extra 1.5 to 2.5% margin, which is massive. Your hostage loan is possibly worth 5 new loans in profitability. They have a lot to lose if they price match, as many will not be able to refi, so they hope to call your bluff. Well done for escaping!
(BTW What could this mean for the economy if the cash rate hits 3%?)
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