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Australian homeowners are failing to put in the effort and seek out better home loan deals despite slow wage growth and piling levels of household debt.
These findings come from new research by State Custodians Home Loans which polled over 1,000 people across the country. Surprisingly, only 13% said they were always on the lookout for better home loan rates.
State Custodians general manager Joanna Pretty suggested borrowers get in touch with their mortgage broker to see about a cheaper deal.
One hurdle to this was that many Australians see changing their home loan as a huge hassle, she added, although often all that is required is a single phone call.
Younger borrowers were more likely to shop around for a better rate with 19% of Gen X and 20% of Gen Y looking every one or two years. Only 11% of those over 50 scouted for a better deal with the same frequency.
The study also found that men (73%) were more likely to shop around than women (59%).
“It’s a fact that many of us are time poor these days, particularly if you’re working and juggling home and family life. However, if you would like a cheaper loan, particularly if you are financially struggling, then it can be really worthwhile shopping around,” said Pretty.
“A little effort may end up going a long way.”
Check out our Guarantor home loan blog Here!
Tags: Better Brokers Better Solutions, Better Choice, Better Choice Mortgage Services, Better Home Loan, Home Loan Apathy, Perth Brokers, Perth Finance Broker, Perth Mortgage Brokers
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