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Most Aussies feel they got a dud deal on their home loan

Half of all Aussies aren’t confident they have the best home loan deal, and yet, 63% haven’t bothered to shop around for a better rate. Sound familiar?

Over half of Australians aren’t confident they have the best home loan deal, but they’d rather bury their head in the sand than deal with the refinance process, new research has found. 

The study by CoreData, a leading global research house, found that 52% of Aussies aren’t confident they have the best home loan deal. But, despite their lack of confidence, 63% haven’t refinanced. Does this sound familiar?

If more than half of existing mortgage holders believe they can get a better deal elsewhere, why aren’t they doing anything about it? To put it bluntly, they can’t be bothered. Of those who haven’t switched, 74% of Aussies haven’t because they are turned off by the effort.

The cost of apathy is huge! It’s estimated that on average, the Aussie borrower is paying an additional $14,000 over the life of the loan*. It’s no wonder the major banks report record profits year in, year out.

“If you’re unhappy with your current home loan deal but stay anyway, you’re effectively paying an inertia tax,” says Vincent Turner, founder and CEO of uno Home Loans.

uno Home Loans, an online mortgage broker that connects the powers of smart tech and expert advice, has just launched a new online platform that’s changing the way Australians refinance their home loans. Refi.com.au takes a customer through to the deals they’re eligible for online in under 10 minutes. Customers can do it on their mobile phone on their way to the office.

 

Find a deal

So how does it work?

It all starts with a goal. Simply tell the system what you are looking to achieve by refinancing. For instance, are you looking to lower your monthly repayments or do want you want to pay off your loan faster?

Next, enter the address of the property you are looking to refinance. Refi.com.au is built on some seriously impressive tech. The system will recognise your address and pull back your current home loan interest rate and repayments, plus, an estimated value of your property!

Refi.com.au takes a customer through the refinance process online in under 10 minutes and they can do it on their mobile phone.

Now it gets really interesting. Refi.com.au will compare your existing home loan against thousands of loans across the market and return the best products for your unique situation and needs.

Easily verify your financials and identity online and, in only a few minutes, you’ll receive a personalised shortlist of loans. Then choose which one suits you best. No paperwork is required. It will not impact your credit score and you’ll have access to expert advice when you need it.

“The research is clear, people don’t refinance because the existing process is time-consuming, onerous and stressful. Refi.com.au flips the process on its head,” Turner says.  

Take a look for yourself. It may have taken you longer to read this than it will to save $14,000.

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.

 

It’s important to note that the information we give here is general in nature – no matter how helpful or relatable you find our articles. Even if it seems like we’re writing about you, it’s not personal or financial advice. That’s why you should always ask a professional before making any life-changing decisions.

This information in this article is general only and does not take into account your individual circumstances. It should not be relied upon to make any financial decisions. uno can’t make a recommendation until we complete an assessment of your requirements and objectives and your financial position. Interest rates, and other product information included in this article, are subject to change at any time at the complete discretion of each lender.

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