Aussie has seen a surge in the number of customers looking to refinance their mortgages following the RBA’s rate rise and CBA’s 0.45 per cent hike announced on Melbourne Cup Day last week.
Aussie’s founder and executive chairman Mr John Symond said it underpinned the consumer anger following the rate rises and highlighted the fact that Australians should continually be searching for a better deal on their home loans.
“Last week’s announcements by the RBA and the Commonwealth Bank has sparked outrage and has shown that many homeowners are extremely concerned about making their repayments,” he said.
“Most of the time, homeowners are complacent about their mortgages and it’s sad that it takes a rate hike to spark some action.”
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 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 possibly find a loan with a cheaper rate and save them approximately $4275 in loan repayments in one year,” he said.
As one of the country’s largest non-bank providers of financial services, Aussie has a loan book of over $38 billion. There are now more than 145 retail stores and more than 750 brokers across the country ready to help customers get a better deal on their finances.