That’s $9 million every day!
The average standard variable rate for a home loan with the Big 4 is currently 5.435% before any discounts. After the standard discounts advertised with the bank, you would be lucky to receive a rate of 4.4% with an annual package fee of about $395. With the recent rate rise by Westpac and CBA’s announcement to follow, it appears these rates are only going north.
Many credit unions and small lenders are offering extremely competitive interest rates that are as low as 3.99%. Even a half a percent difference can cost your average Australian $85 per month. Given the sheer amount of people with the Big 4, $3 billion in unnecessary interest charges have been imposed on the public.
If you are looking for a home loan solution outside of the Big 4 or simply want to reduce your interest rate, an Urban Home Loans Mortgage Broker can help. Book a same day appointment by filling out the box to the right of this article.
Author: Ben Heremaia
Speak with an Urban Home Loans finance broker today on 3841 4831.