Australian homeowners spared a rate rise: Aussie John says don't be complacent

Tuesday, 7 June 2011

Australians have been spared an interest rate rise following the Reserve Bank's decision to keep the official cash rate on hold at 4.75 per cent.

Aussie's Founder and Executive Chairman Mr John Symond welcomed the news but also warned homeowners not to be complacent, and to ensure they are getting the most appropriate deal for them.

“We have been given a reprieve by the RBA and it would be foolish to think these relatively low interest rates are here for good,” he said.

Mr Symond said the best thing homeowners could do was to have a look at their mortgage and make sure they were on the most appropriate product for their circumstances.

“Most of the time, homeowners are complacent about their mortgages and most of the time it takes a rate rise to spark action,” he said. “Don't wait for that rate rise to happen, go out and do something about it now.”

He said Aussie research showed that many customers were often paying too much for their mortgage, and in some cases more than 0.75 per cent more than they should be.

Mr Symond said there were a number of deals out there, including Aussie's own Optimizer home loan is just 6.99 per cent p.a., around 0.8 per cent below the major banks' average advertised Standard Variable Rates (average is 7.785%), regardless of the loan amount and loan to valuation ratio.

“We have seen the opportunity to re-ignite our Aussie product offering as there is a gap in the market for very competitive mortgage rates and service levels,” he said.

As one of the country's largest non-bank providers of financial services, Aussie has a loan book of more than $39 billion. An Aussie broker will offer guidance, assess eligibility, lodge the application and then support the first home buyer borrower through the home loan process. Aussie brokers are available 24 hours a day, seven days a week, in all capital cities and regional centres at the request of customers who call Aussie on 13 13 33.

For further information please call:

Brooke Stoddart
Aussie
(02) 8297 0381

Tim Allerton
City PR
(02) 8916 4848 or 0412 715 707

Share this news

Back to Latest News Index