Old home loans costing Aussies ‘thousands’ by not switching
Australians with older home loans are missing out on thousands of dollars in savings, a new report has found.
The Australian Competition and Consumer Commission (ACCC) today submitted its final report into the Home Loan price inquiry.
It found that borrowers are potentially spending far more money than they need to by not seeking a lower rate from their existing lender or switching to a new lender.
“A significant number of Australian home loan borrowers have not switched lenders for several years, yet they stand to save so much money by doing so,” ACCC Chair Rod Sims said.
“There are factors standing in the way of home loan borrowers switching lenders, such as a lack of clear and transparent pricing, as well as inconvenience and time costs, but for many borrowers switching will be worth the effort.”
Many “older” home loans carry significantly higher interest rates, which have been slashed due to the unprecedented economic impact of COVID-19…
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