Last updated on 20th October 2017

The dirty little home loan secret costing you thousands

Banks traditionally overcharge on mortgages, profiting from homeowners who don’t shop around.

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New Comparison Site Allows Aussies to Compare Loans from 25 Providers

New research has revealed that the average advertised rate for a variable principal & interest loan is 5.2 percent, while the average rate paid is lower than 4.4 percent.*

This difference may seem small to you, but it means that if you agree to the advertised rate, you will end up losing thousands of dollars over the life of your loan.

We know that banks are simply overcharging customers on their mortgages, profiting from homeowners who decide not to shop around. But how can everyday Aussies tell if they’re being ripped off?

Finding a new home loan is a complex and time-consuming process, particularly for people who don’t understand finance or have kept their faith in the same bank for years.

By using HomeLoansAustralia.com it’s quick and easy to compare rates from trusted lenders across Australia. Thousands of Australians are using this service to find a more affordable home loan, fighting back against the big banks and making every dollar count.

Your current bank may be telling you that you’re already getting a good deal, but the only way to be sure is by shopping around. Many Aussies who use the service are surprised by how much they can save, and wonder why they didn’t compare sooner.

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 quotes in your area and could be eligible for significant savings.

If you’re paying your bank’s advertised rate, you could be overpaying by a staggering 0.8%. Keep in mind, that’s just comparing averages. By shopping around to find a rate that’s lower than average, you could save even more.

Not only does HomeLoansAustralia.com help you find a better price on your mortgage, the service is completely free. It includes your initial quote and personalised advice from a home loans expert, who will even help you with the paperwork and negotiate loan terms on your behalf.

Finding a better deal on your mortgage is no longer the complicated process it once was. Users love that they can sort everything out in a couple of clicks and a phone call, making it easier than ever to save money. More Australians are using this trusted service each year to make an informed decision on their home loan.

What may seem like a small difference in terms of percentage points can actually add up to hundreds—in some cases, even thousands—of dollars in savings. A few minutes of your time could pay off in a big way when you compare home loans with HomeLoansAustralia.com.

*According to Reserve Bank data provided by Assistant Governor (Financial Markets) Christopher Kent on 14 August 2017

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