Aussies ready to switch lenders
Australians have been revealed as all too willing to change mortgage lenders, according to new data released by mortgage comparison website, finder.com.au.
According to the finder data, 560,965 borrowers actually ditched their lender in pursuit of a better home loan over the past three years.
It said this meant that more than one in every five households with a variable home loan had ditched their lender since June 2010.
As well, it said the latest Australian Bureau of Statistics data released this week had shown that there were 18,056 loans refinanced in July - the highest number of loans refinanced since April 2008 at the peak of the global financial crisis.
Commenting on the findings, finder.com.au spokesperson Michelle Hutchison said the number of borrowers who were dissatisfied with their lender was surprising.
"You'd think most borrowers would sit back and enjoy their extra savings coming in from lower interest rates, but this isn't the case," she said.
"We've seen the Reserve Bank drop the cash rate eight times since November 2011, by a total of 2.25 percentage points — for a typical $300,000 home loan, that's almost $400 less in repayments (comparing 7.5 per cent and 5.5 per cent rates over a 30-year term)."
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
