Home loan competition between the banks has primarily benefited high income earners, it has been claimed.

Mortgage broker Loan Market has suggested that discounting by major banks has delivered greater benefits to borrowers with assets in excess of $1m than to average wage earners. The company's COO, Dean Rushton, cited a survey of Loan Market brokers which found 48% had seen high net worth clients offered the best deals.

"The current price war between the major banks may have the perception of helping all customers equally, the reality is that the greatest opportunities exist for clients who have a high net worth," Rushton said.

Rushton did concede, however, that high net worth clients presented less risk and higher returns for lenders. He said this afforded wealthier borrowers more opportunities for discounts.

"There is no question that those who borrow more have more room to negotiate on their rates," he said.

While high net worth borrowers were tipped as the biggest beneficiaries of bank competition, 29% of brokers polled said they believed bank discounts favoured investors. Rushton stated that the least likely to see dividends from bank discounting were self-employed borrowers.

"Banks are certainly looking at investors as an attractive borrower with established equity, whereas credit and loan-to-value ratios remain tight for self-employed borrowers," he said.