A new consumer survey has found that nearly half of Australia’s home owners have never refinanced their mortgage.
The survey of over 1000 home owners was undertaken by Aussie Home Loans and the top three reasons the respondents gave for never refinancing were that they didn’t think they’d get a better deal, they hadn’t even thought about it and that it was too time consuming.
Aussie Home Loans CEO James Symond said the survey results presented a huge opportunity for mortgage brokers.
“It’s not surprising that home owners don’t know where to start and think refinancing is time consuming, but that’s where a mortgage broker can help,” he told Australian Broker.
“Aussie brokers are now doing more refinance home loans than any other type of home loan, and that’s because our customers want an expert who’s on their side to get it done for them.”
Interestingly, 74 per cent of respondents said they didn’t know how much money they could save if they refinanced their home. Aussie Home Loans data says their refinance customers save $240 each month on average.
“There is red hot competition in the home loan market and lenders are fighting for market share with some offering attractive incentives to get customers to switch their home loan,” Mr Symond told Australian Broker.
“It’s just smart for people to investigate whether they can get a better deal, whether by refinancing or simply asking your lender for a better rate.”
Call Perry Finance today to discuss your home loan mortgage refinancing options.