More and more Australians are looking to make the switch when it comes to their mortgage lender. According to the CUA National Mortgage Survey: Expectations and Intentions, “Australians who have switched their home loans between banks have increased by more than 28% in the past 12 months.”
The main reason why Australians are shopping around is to find a lower interest rate, and lenders are starting to listen.
“Financial Institutions everywhere are responding to the increased number of switches through more competitive interest rates…” CUA General Manager – Sales and Service, Darrin Northey said.
The survey also found that 60% of respondents are concerned about the big four banks owning so many smaller banks, and a third of respondents would feel “extremely annoyed or misguided” if they found out that their mortgage lender was owned by one of the big four.
John Benke from RFS Finance can assist with any property financing queries. You won’t find a more experienced mortgage broker. Call John on 0417 196 970 to discuss these new products.