Thousands of home loan customers could switch

Thursday 09 February 2012

Article by Mozo

Thousands of property owners across Australia could be looking to compare home loan rates, as the country's major banks are expected to hike interest rates.

Chief executive at the Australian Bankers Association Steve Munchenberg told News Limited that speculation over rate increases could result in more than 30 per cent of mortgage holders looking to switch their provider in 2012.

This comes after the Reserve Bank of Australia surprised everyone by keeping the standard rate at 4.25 per cent and some experts are anticipating ANZ to be the first to boost its rates.

Mr Munchenberg urged worried Aussies to speak to their bank before weighing up their options.

"Last year about one in three people switched, and that was the top end of the historical range. And this year could be even higher," he was quoted as saying.

Earlier this week, Australian treasurer Wayne Swan warned the nation's major lenders that they risk alienating their customers if they start to frivolously bump up interest rates.

Thousands of home loan customers could switch

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