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Bargain hunters dropping the ball on the mortgage

Aussies shy away from available savings when they don’t compare home loans

Aussies love a bargain, but many are still missing out on a better deal on their home loan, according to results from ME Bank’s new Savvy Savers Survey. Although 90 percent of respondents admitted to loving a bargain, only 62 percent spent time comparing home loans.*

These figures suggest that Aussie homeowners are willing to accept the price they’re given on a mortgage, rather than search for better value. Reasons cited for not comparing home loans included the following:

  • Borrowers assumed they were on a good rate already
  • Didn’t feel they had the power to negotiate
  • Confused about how to effectively compare mortgage deals
  • Preferred to stay with familiar brand names
  • Too much effort to switch lenders

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.

While these seem like credible reasons for not switching to a better interest rate, the truth is they probably aren’t. Comparing home loans only takes a few minutes, and with so many trusted lenders on the market, there’s a good chance you could find a better deal out there.

Online comparison service HomeLoansAustralia.com makes it easy to get a free mortgage snapshot online, as well as expert advice over the phone. When you’re ready to switch, your consultant will help manage the paperwork for you.

Statistics showed that over 80 percent of borrowers have their mortgage through a major bank, which means they are likely to be paying a higher rate.* By reviewing your rate and comparing it with available market rates, you can quickly see how much you could be saving.

Figures from ME Bank revealed that switching lenders could save borrowers roughly $46,000 over the life of their loan, based on an average $400,000 30-year loan.* If you’re not comparing rates because you think it is too much work, you could be costing yourself thousands.

Time is a precious commodity these days, which is why people avoid switching lenders. It’s perceived as a lengthy endeavor involving mountains of paperwork. Fortunately, HomeLoansAustralia.com simplifies the process, saving you both money and time.

First-time home buyers can also benefit from this service. A mortgage expert can provide excellent service over the phone, setting everything up for you at no extra cost. There are a number of ways to save on your first home loan, and financial advice can be invaluable for such a large purchase.

Compare home loans today to find an affordable home loan that could save you thousands.

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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