Almost half of all Australian mortgage holders want to swap lenders, but don’t know if it is worth the effort.
According to ING DIRECT’s Financial Wellbeing Index, 47 per cent of mortgage holders are unhappy with their current product, but exit-fees, time consuming paperwork and a perception that there is no difference between lenders are preventing them from going elsewhere.
ING DIRECT’s chief executive officer Don Koch said the percentage of mortgage holders unhappy with their loan now outweighs those who are satisfied with their mortgage.
As per the Index, just 46 per cent of Australian mortgage holders are satisfied with their current lender, while the rest are neither satisfied nor dissatisfied.
“The level of dissatisfaction among home loan borrowers, and the view that lenders are all the same is a wake?up call for providers to prove to consumers that not all lenders are the same. Borrowers who look beyond the big four banks will be rewarded with a wide variety of lenders and loans offering competitive rates and innovative features,” Mr Koch said.
“The fact is that home loans vary widely and homeowners can potentially save a lot of money. Switching is easier than people think and increasingly a number of lenders are removing exit fees altogether.”