Australians with dated home loans could be missing out on thousands of dollars in savings.
The Australian Competition and Consumer Commission (ACCC) this week submitted its final report on the Home Loan price inquiry. It found that borrowers are potentially spending far more money than they need to by not seeking a lower interest rate, or switching to a new lender.
ACCC Chair, Rod Sims, said “A significant number of Australian home loan borrowers have not switched lenders for several years, yet they stand to save so much money by doing so.”
Many “older” home loans carry significantly higher interest rates, which have been recently dropped due to the COVID-19 pandemic.
“If you are someone with an older loan, you might be surprised to know that borrowers with new loans are likely walking into the very same lender you have your loan with and getting significantly lower interest rates,” Mr. Sims said.
If you think you are paying too much on your home loan, make a change today! Enquire below and we will be in touch with you to see if you can get a better rate on your loan.