Aussie boss calls for borrowers to check their loans following rate rise

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Chairman of Aussie Home Loans, Mr John Symond, recommends borrowers look around for a better home loan deal following yesterday's Reserve Bank interest rate rise.

Credit card holders should also be looking to investigate whether they can get a better deal as many cards, particularly store cards, have interest rates now well over 20 per cent and the costs associated with them will rise

Chairman of Aussie Home Loans, Mr John Symond, today called for borrowers to look for a better loan deal for themselves following the Reserve Bank's decision to lift official interest rates by 0.25 per cent to 3.25 per cent.

Mr Symond suggested home owners and credit card holders should investigate their own financial situation and seek to offset the hike in the interest rates, which will hit their mortgages and other loans.

He said, "Our research shows that more than 50 per cent of customers who speak to an Aussie adviser do not have the best home loan deal. The rate rise should prompt all borrowers to find a better deal, which could negate the latest rise altogether".

He added that Aussie's research showed that home owners who refinance through the mortgage broker generally save up to 0.75 per cent on the standard variable rate, which could amount to tens of thousands of dollars over the life of the mortgage.

Mr Symond added, "Credit card holders should also be looking to investigate whether they can get a better deal as many cards, particularly store cards, have interest rates now well over 20 per cent and the costs associated with them will rise".

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Brooke Stoddart
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