One million Aussies plan to quit home loans in next 6 months

Wednesday 08 December 2010

Article by Mozo

Almost one million Aussie home loan holders intend to leave their current lender within the next six months, new research suggests.

One million Aussies plan to quit home loans in next 6 months

According to a study by Newspoll, one in five Australian mortgage holders would still look to switch deals even if exit fees remain in place.

Meanwhile, the survey found that the proportion leaving their current lender would more than double if exit fees were abolished, with 40 per cent switching in the coming months.

Commenting on the results, Julian Brophy of communications firm Perception Partners noted that more Aussies are looking to compare home loans following recent controversies about rate rises.

"With these findings, Australian borrowers are sending a serious shot across the bows of the home loan banking sector," he told the AAP.

Newspoll's survey, which involved interviewing 1,078 mortgage holders aged 25 years or over between November 26th-28th, also revealed that the proportion of mortgage holders who stated they were unlikely to switch lenders if exit fees were phased out fell from 82 per cent to 58 per cent.

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