Sixty-six per cent of Australian mortgage holders believe they could probably get a better deal from another lending source, according to new research released by Ernst & Young.
The research, contained in the Mortgages Series within the company’s Customer Experience Series, found that interest rates and pursuing discounts were top of mind for mortgage holders.
Commenting on the research, Ernst & Young customer leader, advisory, John Rolland said that with more money being directed towards paying down debt, Australian home-owners were actively looking at ways to cut costs.
“A mortgage is one of the biggest debts Australians will take on in their entire lives, and given increasing financial pressures it makes sense that saving money is people’s first consideration,” he said.
Rolland said the survey had revealed a perception that mortgage providers’ rates and fees were too high – and people were inclined towards finding a better deal or dropping out of the mortgage race altogether.
He said that while in the past a relationship with a banking institution had been an important consideration, these days less than a third of those seeking a mortgage went to their current bank as a first port of call.
