(PRWEB) February 08, 2012
Following today’s official cash rate announcement from the Reserve Bank, home loan advisory service iSelect is encouraging borrowers to do their homework and compare as many home loan products as possible, saying the potential savings are considerable.
“We’re seeing a very strong influx of callers to our mortgage broker team, hunting for better deals. In many cases, we’re able to find them products and savings they didn’t even know existed,” said Matthew Cuming, Corporate Affairs Manager for iSelect.
“For example, we speak to countless borrowers every month who’ve been settling for variable rates of around 7.3%, and are astounded when our consultants walk them through the savings they can make. A borrower with a $500,000 mortgage on a variable rate of 7.3% could save around $300* a month simply by shopping around,” Matthew went on to say.
Since launching their home loans service in March 2011, iSelect has been hearing first-hand how confused consumers really are when researching home loans, “Australians are coming to us because they find the amount of choice and detail to be overwhelming, and aren’t certain that one of the biggest decisions of their life is going to be the right one.”
iSelect provides a fully integrated home loan service, including assessment of the borrower’s situation, provision of product comparison based on the consumer’s needs, right through to settlement of their loan.
“When consumers try to tackle a home loan application themselves, one of the biggest headaches they face is the process – anyone who’s tried can tell you how slow and arduous it can be. The level of frustration can reach such high levels that the borrower just gives up and cancels the application. Then they come to us,” Matthew said.
In recent months, iSelect has seen consumers continuing to prefer home loans with low or no application and ongoing fees. Offset accounts continue to be very popular, and easy access to internet banking is a very high priority for the majority of applicants.
*Actual savings figure of $300.32 based on a $500,000 mortgage at the standard variable rate of 7.3%, switching to a 6.40% variable interest rate home loan product.
The iSelect Home Loans Leader Board (Most popular home loans products sold via iSelect)
1. BankWest - PREMIUM SELECT HOME LOAN <75% LVR (MIN LOAN AMOUNT $200,000) – 6.35%
2. Macquarie - CLASSIC RATE P&I <80% LVR (MIN LOAN AMOUNT $150,000) – 6.39%
3. Macquarie - CLASSIC PACKAGE 3 YEAR FIXED - 5.99%
4. ANZ - BREAKFREE PACKAGE STANDARD VARIABLE LOAN $500,000 (<80% LVR) – 6.40%
Australians wanting a better deal on their home loan should visit http://www.iselect.com.au or phone 13 42 66.