Aussies set to benefit from cheaper home loans, study shows

Friday 25 November 2011

Article by Mozo

Aussies looking to move into a new property may be wise to compare home loans sooner rather than later, it has been suggested.

Aussies set to benefit from cheaper home loans, study shows

A new study conducted by Deloitte has indicated mortgage providers are battling against each other to boost their market share in the ailing sector.

This – the researchers said – has led to a number of special offers and discounted rates, which borrowers can take advantage of.

Report co-author James Hickey said mortgage uptake is at its lowest ebb for 20 years and this trend looks set to continue.

National banking leader at Deloitte Rick Porter added: "Price wars will likely continue in the short term."

However, he warned while home loan customers will benefit immediately, some providers may leave the market, which could reduce competition in the future.

The Herald Sun recently reported that people who are challenging banks over their home loan rates are securing sizeable discounts of up to $50,000.

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