Poll reveals one in three want to switch lenders
(3 February 2010 – Australia) According to a poll conducted by PRDnationwide, one in three mortgage holders will look to switch lenders when exit fees are relaxed.
The new research found that found 36 percent of respondents want to change lenders while a further 17 percent remained unsure.
PRDnationwide research director Aaron Maskrey said record numbers of borrowers are looking to refinance, thanks to the publicity surrounding the Federal Government's proposed banking reforms.
"It’s a great time for home owners to see if they can secure themselves a better deal," she said.
"In some cases property owners can save hundreds of dollars per month by shopping around for a new lender."
Treasurer Wayne Swan's ban on exit fees is proposed to take effect from July 1 this year.
Mr Maskrey said with more interest rate hikes expected in the next 12 months, it’s crunch time for many home buyers struggling to meet mortgage repayments.
"While there is no quick fix to reducing debt, getting a lower interest rate by refinancing could ease the strain," he said.
PRDnationwide research director Aaron Maskrey said record numbers of borrowers are looking to refinance, thanks to the publicity surrounding the Federal Government's proposed banking reforms.
"It’s a great time for home owners to see if they can secure themselves a better deal," she said.
"In some cases property owners can save hundreds of dollars per month by shopping around for a new lender."
Treasurer Wayne Swan's ban on exit fees is proposed to take effect from July 1 this year.
Mr Maskrey said with more interest rate hikes expected in the next 12 months, it’s crunch time for many home buyers struggling to meet mortgage repayments.
"While there is no quick fix to reducing debt, getting a lower interest rate by refinancing could ease the strain," he said.
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