Why 1 in 2 homeowners are wary of speaking to their bank about refinancing

Article published 21 January 2021

The refinancing process is easy. The challenge is being confident you’re getting the best home loan deal for your needs. And Mortgage Choice research shows that over 1 in 2 homeowners are wary about approaching their bank for a refinance out of concerns they won’t be advised if they could get a similar or better home loan deal elsewhere.¹

Brokers work with a variety of lenders

There are other reasons why your Mortgage Choice broker is the person to speak to about refinancing. Banks know a lot about their own home loans. But no matter how big the bank, their staff can’t be expected to be familiar with the hundreds of other loans available elsewhere.

It’s not just about knowing competitors’ interest rates. Each lender has slightly different criteria around who they’ll lend to - and how much they lend.

As your Mortgage Choice broker works closely with over 25 lenders, they are up to speed on each lender’s rates, fees, special offers, borrowing limits and all the information your broker needs to make an informed recommendation on which loan and lender is right for you.

Long story short, when you head to your bank about a home loan refinance, you won’t be getting the complete picture on what other lenders are offering. And that can mean, missing out on the full savings potential of switching to a new loan.

Your broker works in your best interest - not the banks’

With access to a wide panel of lenders, your local Mortgage Choice broker knows what's available across the market, and which loans you qualify for. 

Your broker will  explain why a particular loan is being recommended. And because Mortgage Choice brokers get paid the same regardless of which lender you choose, you can be confident he or she always works in your best interests.

Now’s not the time for a ‘she’ll be right’ approach to your home loan!

Too many Australians continue to pay more than necessary by sticking with their current home loan². With interest rates at all time lows, it’s a fair bet you could get a better deal on your home loan.

One simple step can show if you could save Call your Mortgage Choice broker today or get started with our online quick quote!