Don't be afraid to switch to smaller banks, Aussies urged

It seems that far too many Aussies believe they have to take out home loans with one of the country's four major providers, as this can often leave them feeling trapped.

The likes of ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac appear to have a stranglehold on the industry and these account for a really high percentage of all mortgage deals across the nation.

However, leaders at Choice have insisted that there are far more options available to Aussie homeowners than they may think.

Having assessed figures compiled by Mozo, head of campaigns at Choice Matt Levey told the Herald Sun that major savings can be made if people switch their home loans to less renowned lenders.

Indeed, he stated that up to $70,000 can be saved over the course of a mortgage by moving away from the "big four" banks. With house prices so low at the moment, first-time buyers should also be looking to visit a smaller bank or lender as soon as possible.

"It's time to make them [big four] listen, and the best way to do this is to move your money or negotiate with them for a better deal," he was quoted as saying.

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