Bank customers make the switch

In last year’s December quarter, more than 50,000 home-owners refinanced their mortgages with other banks, totalling $12.6 billion of mortgage business. This increase in switching was led by customers looking for a better deal.

Banks have since cut back their aggressive marketing and have reduced the discounts available. However, the Reserve Bank of Australia (RBA) reported last week that the average rate for a new mortgage with any of the big four banks was considerably less than their standard variable rates. Some banks offer a discount of more than 0.7 per cent, a considerable saving on the average mortgage. In fact, a discount of 0.7 per cent could save you around $1000 annually on a $300,000 mortgage. 

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Find out why Debbie thinks you should make the switch.