Aussies 'increasingly turning to smaller banks for home loans'

Smaller domestic banks are proving to be an increasingly popular option for Aussies in search of home loans.

This is according to JP Morgan banking specialist Scott Manning, who claimed that larger banks are experiencing a dip in demand for mortgages, reports ABC News.

He asserted that consumers are opting to look for home loans with smaller lenders rather than going to one of the country's major financial institutions.

"We've seen a little bit more growth coming through from the other domestic banks, primarily buoyed by some of the political noise at the end of last year," Mr Manning stated.

The JP Morgan-Fujitsu Australia Mortgage Industry Report revealed that interest rates and the rising cost of living has made it more difficult for some Aussies to pay debts such as mortgages – findings that may inspire people to compare home loans online to ensure they get the best rates.

Earlier this month, spokeswoman for Mortgage Choice Kristy Sheppard said the best way to get financing for a property purchase is to draw up a budget then go on the internet to "play with home loan calculators".

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