Poor take-up rate of new home loan offers.
A survey conducted by Yellow Brick Road found that 83 per cent of Australians with a home loan have not refinanced in the period of falling rates and 40 per cent have never refinanced.
Yellow Brick Road’s Mark Bouris said it was “crazy” to not take advantage of a more favourable environment.
“It’s outrageous to think people are still paying high interest despite the opportunity to pay less,” Mr Bouris said.
“In effect you’re just handing the banks extra money.
Many people take the time to drive to the cheaper grocery store just so they don’t pay an extra dollar for milk, yet when it comes to home loans they stick their head in the sand.”
Refinancing your home loan in line with falling rates could result in real monthly households savings for consumers.
If you refinance you would save thousands over the life of the loan. There are many lenders offering very competitive rates.
Let your Zobel Mortgage Broker do the research for you and you may find your savings could be significant.
According to the survey, the most common reasons given for not acting on lower rates were:
“not believing enough money would be saved” (31 per cent),
“thinking the fees and charges would outweigh the benefits (20 per cent) and
“perceiving the process as too much of a hassle” (18 per cent).
We can simplify the refinance process for you. We will:
Do the research and show you how much money you will save
Look at the best package to incorporate the fees and charges
Take the hassle out of it.