Finance advice

These Australian suburbs are paying too much on their mortgages

By Hannah Blackiston
These Australian suburbs are paying too much on their mortgage

A mortgage marketplace has revealed which Australian suburbs are the most ripped off when it comes to their interest rates.

HashChing has released data showcasing the suburbs in Australia where mortgagees are paying the highest interest rates, and it has highlighted some worrying discrepancies.

More than 1,000 mortgage applications over December 2016 and January 2017 were analysed in the data, which showed that several suburbs in Sydney, Melbourne and Brisbane had borrowers who were paying well above the average home loan interest rate.

The average interest rate in Sydney is 4.46 per cent, but HashChing data shows that mortgagees in The Ponds, Doonside, Quakers Hill, CampbelltownCampbelltown, NSW Campbelltown, SA and Stanhope Gardens are paying up to 7.88 per cent.

Melbourne’s mortgages told a similar story; the average rate is 4.46 per cent but those in Blackburn, Glen Waverley, South Morang, Mernda, Narre Warren and Cranbourne were paying rates as high as 7.04 per cent.

In Brisbane there was also a large difference; the average sits at 4.72 per cent but in the suburbs of CoomeraCoomera, QLD Coomera, QLD, Advancetown, Austinville, Labrador, Surfers Paradise, Brendale and Springbrook the home owners were paying interest rates as high as 7.39 per cent.

A factor behind the higher interest rates in these suburbs is the larger populations of self-employed borrowers, according to Mandeep Sodhi, CEO of HashChing.

“The data demonstrates that mortgagees who are paying interest rates of more than 5 per cent tend to be currently or formerly self-employed, and this is due to a misconception that they aren’t able to negotiate a better rate,” said Mr Sodhi.

“Previously, banks charged higher interest rates for self-employed borrowers as they were deemed riskier due to an unstable income. However, the market has changed, and banks have become more amenable to offering a competitive interest rate to these customers,” he said.

Self-employed borrowers were found to be paying as much as 1 per cent more on average than salaried borrowers; on a $500,000 loan over 25 years this amount can equal an additional $87,383 over the life of the loan.

“Self-employed borrowers may not realise they can get a better home loan rate, especially as this information isn’t being communicated from their bank or lender, and this disconnect is costing them tens of thousands of dollars,” said Mr Sodhi.

The survey also showed how many Australians are beginning to grow tired of the big four banks; Commonwealth Bank had the highest number of possible mortgage deserters at 17 per cent.

ANZ and NAB came second with 13 per cent and Westpac had 12 per cent of mortgagees who were potentially looking to refinance.

“Sticking to the same home loan provider out of some misguided sense of loyalty is costing borrowers tens – or even hundreds – of thousands of dollars over the life of their home loan,” said Mr Sodhi.

“The good news is that our data demonstrates that Aussies have finally had enough. There’s now an exodus from the big banks and a rush to refinance with more competitive lenders,” he said.

“Despite the fact that the big four banks (along with some of the smaller financial institutions) have hiked up their interest rates, there are still plenty of low interest rate options out there for borrowers who do their homework,” said Mr Sodhi.

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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