Home loan borrowers are paying an extra $2.7 billion a year in repayments because they don’t shop around to find the best deals available to them. After this week’s interest rate increases by the major banks, more than 60 other lenders had cheaper home loan rates.
As Australian consumers are usually pretty savvy when it comes to their finances, it is baffling that consumers don’t take up the opportunity of lower interest rates on their home loans. Attaining lower interest rates can be easily achieved, simply by choosing a smaller lender than the major banks; this is worthwhile especially in today’s uncertain economy.