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Lender records massive spike in home loan demand

by Staff Reporter9 minute read
The Adviser

Staff Reporter

Proving Australians are keen to look for an alternative to the big four, one of the nation’s non-majors has recorded an 82 per cent jump in home loan enquiries.

According to the latest data from Heritage Bank, home loan enquiries soared by more than 80 per cent in February compared to the average number of enquiries in the previous five months.

“A significant chunk of those people were customers from one of the big banks who have started to realise the benefits of switching over to Heritage, Australia’s largest customer-owned  bank,” Heritage Bank’s chief executive John Minz said.


“The simple fact is that we can often offer a better deal for our customers, because our focus is on giving them better value, not generating big profits to pay shareholders.

“A perfect example is the fact that our standard rate variable home loan is currently 0.44 per cent lower than the average of the big four banks.”

Mr Minz said the message that there are alternatives out there is starting to cut through and gain traction with borrowers.

In fact, Mr Minz said that 30 per cent of home loans written by Heritage Bank last month were refinancing of loans from other institutions.

“Our products can help people save money on their home loans, so it’s not surprising to see customers coming to us looking for a better deal on an existing loan,” he said.

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