The majority of Australians have never changed or reviewed their financial institution, preferring to use the one lender for all of their needs.
According to our Mortgage Choice’s Money Survey, 46% of respondents said they were ‘loyal’ to their financial institution and as such, had not seen the need to switch institutions or have a relationship with multiple lenders.
While there is nothing wrong with being loyal to the one banking institution, it is important for Australians to make sure the lender they choose to partner with is meeting all of their needs.
“Looking at the data, the number one reason why Australians switched lending institutions was because they could source a higher savings rate elsewhere. The second most popular reason for changing lenders was because Australians found a better home loan deal with another financial institution,”
“Both of these reasons are valid motives for changing lenders. Some Australians are acutely aware that there is another lender on the market that can offer them a better deal or rate that suits their needs.
“Those who decide to partner with a lender that perfectly suits their needs will find they reach their financial goals sooner.”
But it isn’t difficult for Australians to review and potentially change lending institutions if needed.
“There are a few easy steps that all Australians can take to ensure they partner with the right financial
Step 1: Know what you want from a lender
Step 2: Do your research
Step 3: Read the fine print
Step 4: Continue to review your needs