If you’re anything like the typical mortgage holder, it’s probably been a while since you compared home loans to see if your rate is still competitive. But as one Aussie family found, this mistake could be costing you thousands of dollars a year in higher interest charges, particularly now that challenger lenders are fighting it out with unbelievably low home loan rates.
The Lamont family from Sydney’s north thought their home loan was a good deal, having a switched a few years ago from a big bank to a cheaper lender. In reality, it had become seriously uncompetitive after a series of out of cycle rate hikes pushed their rate much higher than they realised they were paying.
After comparing home loans on Mozo, the Lamonts refinanced with an online lender, hassle-free. This simple process saved them a massive $4,500 a year in interest and fees on their Sydney-sized mortgage.
So if you haven’t reviewed your home loan lately, why not do it today. Who knows how much you could save by switching? Here are the Mozo Editors Picks of some of the top home loans on the market to get you started….
Low Rate Home Loans under 3.50%