Big Switch is On

The big switch is on, with figures revealing that the number of borrowers switching loans is rising. Australians are hungry for better mortgage deals with interest rate cuts and increasing competition in the sector creating movement. “The movement in interest rates, lack of clarity and transparency and discontent has seen borrowers looking for alternatives,” said ME Bank group Executive for Sales, Ian Hendey.

“And lenders now take the legwork away from consumers.” Yellow Brick Road Chairman, Mark Bouris, said borrowers should use the official cash rate as a key guide. “If you’re paying more than 2.75 per cent above the cash rate, refinancing should be a top priority,” he said. “A low interest rate is very important, but so are the loan features such as an offset account and redraw facility.” A ban on mortgage exit fees is also prompting people to look around for better alternatives.

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