1 in 2 Australians have never played the lender field - but here's why you should

April 15, 2016
Rebecca Crommelin

Start playing the lender field - get in the game to win!

I'd like to discuss the importance of considering a different bank, other than the one you've always banked with for your home loan... and why not doing this could be costing you thousands!

According to a recent survey conducted in five states of Australia by Mortgage Choice, over 46% of Australians on average, have never changed or reviewed their financial situation, preferring to use the one lender for all of their needs. This choice could be costing home owners thousands of dollars in extra interest being paid on their home loan because they have not considered other, more competitive options available in the market. 

According to Mortgage Choice's Money Survey, 46% of respondents said they were 'loyal' to their financial institution - however for those who had changed, the second most popular reason for changing lenders was because Australians found a better home loan deal with a different financial institution. 

I'll say that again, those who had changed had found a better home loan deal with a different financial institution.

It seems that some Australians are aware that there is potentially another lender on the market that can offer them a better deal or rate that suits their needs but some 46% of Australians don't take the time to research this potential savings at all!

It's proven that those who decide to partner with a lender that perfectly suits their needs will find they reach their financial goals sooner.

So who are you? Are you one of the Australians armed with the right information to make a decision that will benefit your pocket financially? Or are you part of the 46% who have, until today, remained loyal to their bank without considering what more competitive, less expensive offers are possibly out there in the market?

It isn't difficult to review and change to a new bank or lender - in fact it's easier and less costly than it's ever been! Australians shouldn't take a set and forget attitude towards their finances. As a general rule of thumb, it is a good idea to review your financial situation at least once a year, or every time you make a significant financial decision - whatever comes first. 

So if you've never compared your bank to others in the market before, call our team today on (08) 9485 0090. At Mortgage Choice Joondalup & Butler, we don't charge for our home loan service and we have over 20 lenders on our panel that we can compare your loan with. 

Who knows what you might be able to save on your monthly repayments!

Give our team a call today on (08) 9485 0090 to make sure your loan is still right for you. 

Dennis Aplin, Your Local Mortgage Broker


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