Well-publicised efforts to see borrowers jump ship on their home loans have gained little traction, according to a new survey.

A Loan Market survey of brokers found only 11% have seen a significant increase in refinancing activity since the onset of banks' home loan price war. In spite of offers to pay exit fees, nil establishment fees and discounted rates, 44% of brokers said they have seen no additional refinancing activity at all, with 8% suggesting refinancing activity has actually declined. Thirty-seven per cent indicated there had been a slight increase in refinancing deals.

Loan Market COO Dean Rushton theorised that bank retention teams are responsible for the slower-than-expected refinancing activity.

"Existing customers who enquire about upgrading or changing their mortgages are being given a lot of attention by these retention teams. The banks and their retention teams are working hard to improve their customer service offering and are willing to review their pricing in some circumstances. This often results in clients who threaten to jump ship continuing with their lender," Rushton commented.