Updated: Dec 11, 2019
Borrowers are flocking brokers to hunt out bargain home loan deals in the wake of the Reserve Bank's recent rate cuts, putting the big banks under pressure to keep their mortgage customers.
Interest in cheaper quality home loans is soaring as smaller lenders cut rates to jaw dropping new lows. News reports highlight that tens of thousands of Australians have taken up the Treasurer’s advice to “shop around and get the best possible deal”, with the hope of saving thousands on their home loan.
Heart Mortgage Services Director Amanda Varidel said, “Borrowers are so fed up with the big banks' bad behaviour that their latest rate cut delay tactics have been the last straw for many customers. We’re now seeing a huge shift to smaller lenders, who have been rolling out the red carpet with unbelievably competitive rates with many under or around 3%. You would be well advised to consider going with a smaller bank and reap huge savings.”
Your Choice Mortgage Brokers Pty Ltd atf Halo Innovation Trust trading as Heart Mortgage Services - Australian Credit Licence 38643
The information contained herein is of a general nature only and does not constitute advice. You should not act on any information without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances. The views expressed here are not ours. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties who are not related to us. These links are provided for convenience only and do not represent any endorsement or approval by us.