Homeowners Rush to Refinance their Mortgages

Thursday April 29, 2010

Aussie sees surge in refinance inquiries as fifth RBA rate rise sinks in

Aussie has seen a surge in the number of customers looking to refinance their existing mortgages and potentially get a better deal as the effects of five rate rises by the Reserve Bank begins to bite at family budgets.

The number of homeowners visiting the website www.aussie.com.au to request an appointment with an Aussie broker has spiked by 50 per cent in the last three weeks following the last rate rise on Tuesday April 6.

Aussie’s founder and executive chairman Mr John Symond said it pays to be vigilant when it comes to personal finances, and encouraged Australians to continually be searching for a better deal on their home loans.

“It’s about time people got off their bums and took a good hard look at their finances,” Mr Symond said. “It shouldn’t take five rate rises in the last six months for people to shake off their apathy, but it has.”

“Regardless of why it has happened, now is a good time before the RBA meets again next week to look at your home loan and ensure you are getting a better deal for your family.”

Mr Symond said homeowners looking for a better deal should check out Aussie’s market leading online home loan comparison tool, the 1-Minute Mortgage Calculator.

“It’s crazy to be paying a higher rate, or paying for features on a home loan that you don’t use. In just one minute, you could find out if there is a better deal from a range of lenders – one that means more money in your pocket.”

Mr Symond said the tool was helpful to first homebuyers or homeowners looking to re-finance their existing loans.

“For example, a family paying off a $400,000 loan paying 7.1 per cent interest could find a loan with a cheaper rate and save them approximately $4275 in loan repayments in one year,” he said.

Some of the technology behind Aussie’s Mortgage Explorer™ software, which is used by our team of over 850 trained and accredited brokers, is now available to everyone through the website tool 1 Minute Mortgage Calculator - click here to visit 1 minute mortgage calculator

Visitors to the site are asked a few simple questions which are then used to match their needs and preferences with the wide range of loans available through Aussie. The tool then objectively ranks the loans by initial minimum monthly repayment for that customer, and shows them how much they could potentially save if they are looking for a new loan or to re-finance. Obviously, there are many types of loans out there, so the tool uses some assumptions which may not apply to every person, so it’s advisable to see an Aussie broker.

Once the customer makes an appointment with an Aussie broker they can offer personalised guidance, assess eligibility, lodge the application and then support the borrower through the home loan settlement process.

As one of the country’s largest non-bank providers of financial services, Aussie has a loan book of over $35.5 billion. With the acquisition of Wizard, there are now over 150 retail storefronts and more than 850 brokers across the country ready to help customers get a better deal on their finances.

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 more information or to request an interview with John Symond, please call:

Brooke Stoddart
Senior Manager - Public Relations
Aussie
02 8297 0381 or 0438 677 588

Tim Allerton
City PR
(02) 9267 4511

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