Bank insider highlights importance of comparing products

The importance of comparing financial products such as home loans has been reiterated by a bank insider, who has laid bare some of the underhand tactics used by some institutions across the country.

Speaking to the Herald Sun, the unnamed Victorian whistleblower suggested that many Aussies are racking up huge amounts of credit card debt and this is then added to their mortgage deal.

This means that some households owe more money than their property is actually worth, which is a big problem in Melbourne, as a recent global cost of living survey showed that the city's average building price is among the highest in the world.

With this in mind, it is vital that people are responsible when taking out a credit card and it is always worth comparing different options in order to get the package that offers the best rates of interest.

The insider added that some banks are loading people up with credit because they know it will be used.

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