1300HomeLoan has launched the nation’s first free online home loan index, which allows users to rank home loan interest rates.
John Kolenda, 1300HomeLoan's managing director, said the index will help identify which lenders have been delivering the best rates over the past five years.
“This index is set to revolutionise the Australian home finance market and will enable mortgage holders to save tens of thousands of dollars over the life of their loan depending on which lender they choose,” Mr Kolenda said.
“It will be the central source for ongoing real data in keeping lenders honest as we continue to track and report on exactly what rates major lenders are delivering and whether consumers are benefitting or getting ripped off.”
Mr Kolenda said the index showed that blind loyalty towards a lender from consumers could be costing them thousands of dollars.
“Consumers and industry professionals, thanks to this index, will be able to see which of the major banks is really offering the best deals,” he said.
“The index will show not only which is the cheapest of the lenders today but which has been the cheapest over time.
“Using historical data sourced for many years and from various sources, the index can also show which lenders have passed on interest rate cuts in line with the RBA, how long they have taken to pass across rate reductions and many other trends.”
The index has been independently audited and is available at www.australianlendersindex.com.au
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