Report: Laziness, loyalty and fear. Why Aussies don’t switch loans

Australians' laziness, loyalty and fear is costing the average home borrower who doesn't switch more than $14,000. We found how many Australians fall into this category, are you one of them?

Australians’ laziness, loyalty and fear is costing the average home borrower who doesn’t switch more than $14,000. Our data shows potentially more than 60% of Australians fall into this category.

We were shocked that one in seven Australians wouldn’t change their lender no matter how big the savings on the table.

Laziness, loyalty and fear. Why Aussies don’t switch loans

So why are Aussies so apathetic when they know it’s costing big bucks?

We dug deep and uncovered…

The cost of apathy, there's a big cost in not switching

Non-switchers are penalised for their apathy – with higher rates of 13 basis points more on average.

Despite the dollars on the table, we're blinded by loyalty

Many Australians are fiercely loyal, spending a long period on the same deal and opting for well-known lenders.

Aussies are quite happy to pay for their laziness
Aussies are uncomfortable with having our finances reviewed
The myth of exit fees turned nearly two thirds off switching loans
Source: CoreData mortgage holder survey on behalf of uno Home Loans n=1,500. Savings calculations based on a $500,000 principal and interest home loan. Average loan is $500,446 according to the AFG Mortgage Index January.

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Reports

Report: Laziness, loyalty and fear. Why Aussies don’t switch loans

Australians' laziness, loyalty and fear is costing the average home borrower who doesn't switch more than $14,000. We found how many Australians fall into this category, are you one of them?