Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Savings Are Still Hard to Find, despite a Drop in Home Loan Interest Rates

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Savings Are Still Hard to Find, despite a Drop in Home Loan Interest Rates

Article excerpt

Where to get the best deal

Best Variable Home Loans, June 2015

Mortgage House Pure and Simple: 3.99%

Loans.com.au Dream Home Loan Essentials: 4.04%

Pacific Mortgage Group Standard Variable Home Loan: 4.04%

Best Big Bank Offer in this category: St George Basic Home Loan (Owner-Occupier): 4.20% / St George Basic Home Loan (Investor): 4.54%

Best Fixed Home Loans, June 2015

Pacific Mortgage Group Fixed Home Loan (3 years): 4.04%

Loans.com.au Dream Home Loan Fixed (3 years): 4.15%

Suncorp Bank Special Offer (3 years): 4.25%

Best Big Bank Offer in this category: ANZ Fixed Rate Home Loan (3 years): 5.30%

INTEREST rates may be down, but a new report has found Australian home owners are not yet seeing the benefits of the rate cuts, despite many major banking institutions passing them on to their mortgage and savings products.

According to The Australian Consumer Finance Update by Monetise, the average Australian homeowner is losing out on nearly $4200 in annual savings on their home loan.

The report compiles actual data, not estimates on what Aussies are paying in fees and rates across their banking products from mortgages to credit cards, superannuation, term deposits and savings.

On average, across a consumer's financial holdings, Australians are leaving $2089 on the table in overpaid fees, overpaid interest, and unearned interest each year.

These savings were measured by Monetise across the five most common Australian banking products: home loans, superannuation funds, savings accounts, term deposit accounts and credit cards.

"It's clear that while market home loan rates are continuing to drop, consumers are yet to take up the savings on offer," said Monetise CEO Taichi Hoshino.

"The Reserve Bank's recent rate cuts are now flowing through to the market but consumers aren't taking advantage of these savings. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.