Home loans customers 'should shop around'

Consumers looking to compare home loans should be willing to consider offers from lenders out with the major players in the market, it has been suggested.

According to cairns.com.au, the big four banks have almost monopolised the mortgage market, taking 90 per cent of business in the past year.

However, this is despite numerous other lenders offering better deals, the online resource stated.

"It is baffling that so many new homeowners refuse to look beyond the big banks and take advantage of lower rates on offer from more competitive institutions," Infochoice chief executive Shaun Cornelius told the website.

The expert’s firm stated the right choice of home loan could save up to three years’-worth of payments.

Mr Cornelius added smaller lenders can often offer more competitive deals due to their business structure.

He explained a lack of pressure from profit-hungry shareholders could mean better deals are put on the table for home loans customers.

Meanwhile, Real Estate Industry of Queensland managing director Dan Molloy recently told the website that now is a good time to buy due to a ‘softening’ of prices.

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