16 Mar New Research Shows Australians are Missing out on Home Loan Savings
Australians love to save money on food and fashion, yet could be missing out on much larger savings by not switching home loans.
The nationwide research conducted by University of Technology (UTS) and Heritage Bank, looked at why people do and don’t refinance.
While it found that Australians are continually looking to make savings on the things they connect with emotionally, like clothing and travel, they focus considerably less on major life purchases such as home loan, credit cards and energy providers.
Researchers found that almost a third think switching home loans is too much trouble. A further 28% said they did not switch because they perceived the cost of switching was not worth the time and effort.
Contrary to this popular belief, switching home loans was found to bring significant savings. The respondents who did switch enjoyed savings of up to $3,000 per year – which is an impressive reduction over the life of a mortgage.
The research is expected to encourage more borrowers to take the step to shop around. As your mortgage broker, we can remove the barrier of time and effort. With our experience in refinancing, our intimate knowledge of the market, and our simple processes, we make it easy to hunt out the best deals.