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Back book mortgagors typically pay 41 bps more on their mortgage than new customers, according to the RBA. But why are these borrowers penalised for their loyalty? In this podcast, partnered by Mortgage Choice, we find out what is being done to fix it.
Sponsored by Mortgage Choice
With 12 interest rate rises since May 2022, and more potentially on the horizon, many borrowers are looking at how they can save money and meet their mortgage repayments.
One strategy is refinancing to a new lender, particularly as new borrowers typically receive better offers and lower rates than existing borrowers. But shouldn’t loyalty be rewarded, rather than penalised?
In this episode, partnered by Mortgage Choice, we catch up with CEO Anthony Waldron and Athena Home Loans CEO and co-founder Nathan Walsh to discuss:
- The size of the ‘loyalty tax’ challenge
- How brokers and technology are helping shape new mortgage solutions
- What the new ‘Mortgage Choice Freedom, powered by Athena’ product suite entails.
And much more!
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Articles of Interest:
- Rate hike to 'tip people into financial hardship', warns broker
- Mortgage Choice and Athena launch loan without the ‘loyalty tax’
*Mortgage Choice was ranked the number one brokerage in The Adviser Top 25 Brokerages ranking 2023.
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