Last updated on 14th December 2017

This is how the banks are rewarding loyal Australian mortgage holders.

New data shows that banks are offering lower rates for new customers and stiffing the loyal few.

The Reserve Bank’s Head of Domestic Markets, Dr Marion Kohler, has revealed just how much the banks are rorting their loyal customers when it comes to home loans.

Over the past two years, loyal owner-occupiers and investors have been stuck on increasingly poor rates, while the discount for new customers just seems to keep getting better. If you haven’t reviewed your mortgage since 2015 there’s a good chance you’ve been missing out on a lower interest rate that could have already saved you thousands.

If your loyalty has only been rewarded with a higher rate, you can talk to a broker from Home Loans Australia to find out how to take advantage of these discounts. With this free service you get everything from an initial rate comparison, to personalised advice and even a broker who will negotiate loan terms on your behalf.

Here’s How You Do It:

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

Dr Kohler’s research demonstrates just how little consumers can trust advertised mortgage rates when it comes to refinancing or taking out a new home loan. Currently the RBA estimates that the average Aussies is paying at least half a percent more than they should for their mortgage rate.

The difference this can have on your bottom line is staggering. For example, on a $500,000 loan, the difference between paying a rate of 4.5% and paying 4% works out to a staggering $41,996.77 over the life of a standard 30 year loan. That’s over $40k for you to spend or reinvest.

At Home Loans Australia our team of experienced Australian brokers can walk you through each step to help you save. Finding a better deal on your mortgage isn’t complicated, and Australians are taking advantage of this free service to make an informed decision and save.

If you haven’t checked your mortgage rate over the past year or two you are essentially paying a ‘lazy tax’ on your mortgage, and opting to pay a higher interest rate than you need to.

Getting started on your home loan savings is as simple as leaving a few details . From there, our home loans experts will find you the best rates from Australia’s leading lenders, and guide you in choosing a lender that works for you.

Just a few minutes of your time can add up to thousands of dollars in savings. There’s no time like the present to stop wasting your money, so why not try our free service and find out just how much you can save today?

This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.