Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Aussies in the dark on refinancing prospects

Emma Ryan 5 minute read

As lenders continue to reduce their home loan rates, a new report has revealed almost half of home owners have never refinanced.

In a survey of more than 1,000 mortgage holders by Aussie Home Loans, 45 per cent of participants said they have never refinanced.

Of these, 29 per cent said they have not done so because they did not think they would get a better deal; 18 per cent had not thought about it or did not know where to start; and 17 per cent believed it is too time consuming.

The survey also found the remaining participants who had refinanced did so more than two and a half years ago.

Advertisement
Advertisement

Aussie chief executive James Symond said the results indicate that Australian mortgage holders are missing out on potential savings of $240 per month by not refinancing their home loans to get a better deal.

“Our survey shows that many home owners could be missing out on great deals and potentially big savings,” he said.

“That’s money going to the banks and other lenders that Australians could instead be investing back into their mortgages or spending on things like holidays, eating out or their kids’ education.

“It’s not surprising that home owners don’t know where to start and think refinancing is time consuming, but that’s where a mortgage broker can help,” he said.

The survey found three quarters of respondents do not know how much money they could save by refinancing.

PROMOTED CONTENT


Mr Symond said this reinforces the need for brokers to assist mortgage holders in reviewing their home loan.

“There is red hot competition in the home loan market and lenders are fighting for market share, with some offering attractive incentives to get customers to switch their home loan,” he said.

“It’s just smart for people to investigate whether they can get a better deal, whether by refinancing or simply asking your lender for a better rate.”

[Related: ME announces more rate cuts]

Aussies in the dark on refinancing prospects
default
TheAdviser logo

If you have ever considered how you could better service your SME clients but lack the knowledge or confidence to do this beyond referring them on, this is a must-attend event for you. Don't miss SME Broker Bootcamp, a jam-packed, free-to-attend, practical workshop. Register today and secure your place at this interactive, flexible, must-attend event.

default

 

more from the adviser
52053 transform

Breaking News

AMP Bank focuses on brokers for mortgage push

The third-party channel will play an intrinsic role in AMP Bank...

CBA 2

Breaking News

Fewer Australians intending to purchase property: CBA Research

Despite the country’s overall intention to spend increasing las...

mortgage calculator

Breaking News

Loan price war heating up: BOQ

Despite growth across each of its lending businesses, Bank of Que...