Aussies fail to compare home loans

Australians are paying a total of $2.7 billion extra in home loan payments every year because they are failing to compare home loans in search of the most competitive deal, it has been revealed.

InfoChoice reports that as many as nine in ten Australians still opt for one of the bigger, more expensive banks rather than taking the time to sniff out a more competitive deal from a smaller lender.

"Australian consumers are usually pretty savvy when it comes to their finances and yet they continue to miss significant opportunities for savings when it comes to home loans," said InfoChoice chief executive Shaun Cornelius.

Taking the time to compare home loans may become even more important in the coming weeks if banks decide to raise mortgage interest rates, as many experts predict.

Cornelius urged consumers to fight back against uncompetitive deals and go out on the hunt for the cheapest home loan out there in a bid to make banks more competitive.

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