Aussies warned against big bank loans

Australian consumers could be encouraged to compare interest rates on loans following the recent advice of one expert.

John Symond, of mortgage broker Aussie, has warned that despite a wave of new deals set to come to the market, customers should be wary of what is on offer, The Sunday Mail reported.

According to the expert, the "headline grabbing" deals may look attractive but in fact will not provide customers with the best savings.

He claimed that too much "noise, trickery and marketing" is distracting people from the fact surrounding certain deals.

"The no-fee deal on face value sounds really interesting. But there are cheaper interest rates out there. You have to find the cheaper interest rates that don't have the fees," he told the news provider.

"People go there because they couldn't be bothered they look at the headline deal and say, 'This looks all right' and then they find themselves in the future with hefty charges."

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