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Comparing home loans could save you $6000 per year

If the big bank levy hits home loans, customers can still save by switching lenders

If your home loan sits with one of Australia’s biggest banks, your mortgage could become more expensive in the coming months. The government’s proposed big bank levy has the big five banks suggesting that they’ll be passing the tax on to their customers by increasing interest rates on home loans.

Comparing offers from smaller banks that aren’t subject to the levy could result in a better deal for mortgage holders. In fact, a recent report from The Australia Institute found that customers could save up to $6000 per year by shopping around for a cheaper home loan.

Here’s How You Do It:

Step 1: Select your type of property below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

Online comparison service HomeLoansAustralia.com can help you fast-track the process of switching to a better price on your mortgage. Compare prices from over 27 name-brand lenders and get a free mortgage snapshot to see how much you can save.

From there, an expert mortgage advisor can give you tailored advice on which loan will suit your needs. Your advisor will even handle the paperwork for you. Not only does the service save you money, but it also saves you time.

Now is a smart time to compare, before the proposed bank levy goes into effect on 1 July. The levy is an annual tax of 0.06% that will be applied to banks with liabilities or debts of $100 billion or more. To recoup these losses, the banks may pass costs on to their customers.

There are mixed reports on how this would affect mortgages, with some media outlets indicating that increased interest rates could translate to an extra $40 per month for homeowners. The five banks likely to be affected include ANZ, Commonwealth Bank, Macquarie, NAB, and Westpac.

The Australian Institute report found that variable mortgage rates ranged from 3.74 percent to 5.39 percent. A higher mortgage rate could translate to paying thousands more over the life of your loan.

Let HomeLoansAustralia.com help you find an affordable home loan that you can trust. The service is designed to help you find the best possible rate on a mortgage that meets your needs, plus it’s free of charge.

Whether you’re with one of the big five banks or not, comparing home loans could save you a significant amount of money in very little time. One of the benefits of the Australian housing market is competition, but you can’t save money if you don’t shop around.

Get a free home loan quote today to save smarter on one of life’s biggest purchases. It’s easier than you think.

Get Started Now:

Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

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