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. 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.
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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
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
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 quite happy to pay for their laziness
Aussies are uncomfortable with having our finances reviewed
Aussies are uncomfortable with having our finances reviewed
The myth of exit fees turned nearly two thirds off switching loans
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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* Three year fixed rate, owner occupier, P&I loan with a maximum LVR of 95% and a loan amount >$150,000. Lender rates and products may change. We cannot suggest you remain in or switch to any loan until we complete our assessment. Fees and charges apply. ^ WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate is calculated on the basis of a loan of $150,000 over a term of 25 years. ± All loan applications are subject to uno assessment and lender approval. uno does not guarantee that it will be able to find a customer a better loan than the one they currently have or to save them money.