November 02, 2022
Mortgage Choice today launched a competition offering borrowers looking to refinance the chance to win $20,000.
Anyone that refinances their loan with a Mortgage Choice broker between 2 November and 16 December will go into the draw to win the cash prize.
Mortgage Choice home loan submission data shows demand for refinancing has increased five percentage points in the last 12 months and is tracking closely with the number of new home buyers seeking a loan.
Anthony Waldron, CEO of Mortgage Choice and Financial Services at REA Group, said: “Rising interest rates and increased cost of living pressures continue to take a toll on Australian households. Home loan repayments are generally the largest monthly expense and this is where mortgage brokers can look at refinancing options to potentially ease these pressures. A bonus $20,000 will be a much-welcome gift to any borrower.”
It’s estimated that $158 billion of fixed-rate mortgages will expire by the end of 20231 and borrowers will be in for a shock given interest rate movements over the past seven months.
“Brokers are perfectly positioned to help borrowers rolling off fixed rates to understand what their options are, and whether refinancing could improve their financial situation over the longer term,” said Waldron.
“Borrowers go looking for a better deal because they’re unhappy with their lender’s current offer or are trying to find a way to pay off their loan faster. Those who don’t want to switch often say there’s too much paperwork involved or the exit fees are too high. This is where a broker delivers real value, by comparing multiple options and finding a solution that benefits the customer.”
Mortgage Choice’s refinancing campaign will be run nationally through paid social search advertising and on the Mortgage Choice website. Mortgage Choice brokers will also have access to marketing collateral to activate the campaign locally through social media, print and in-store assets.
1Finder analysis: https://www.finder.com.au/cba-price-change-23-09-2022
