Last updated on 21st December 2020

The dirty little home loan secret costing you thousands

Banks traditionally overcharge on mortgages, profiting from homeowners who don’t shop around.


New Comparison Site Allows Aussies to Compare Loans from 25 Providers

You may think you’re getting a good deal on your home loan, but new data shows that you’re probably not. Banks are overcharging customers a significant amount on their mortgages, profiting from homeowners who don’t shop around.

Thankfully, consumers are able to find a better deal by using to compare rates from trusted lenders across Australia. Thousands of Australians have used it to find a more affordable home loan, saving money and time along the way.

Here’s How You Do It:

Step 1: Select your State below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

At the moment, too many Aussie borrowers are paying a ‘lazy tax’ on their home loans.  which is the amount you’re paying above the best available rate on the market. Recent research revealed that the average advertised rate for a variable principal & interest loan is 5.2 percent, while the average rate paid is lower than 4.4 percent.*

By paying your bank’s advertised rate, you could be overpaying by a staggering 0.8%. Keep in mind, that’s just comparing averages. By shopping around to find a rate that’s lower than average, you could save even more.

Not only does help you find a better price on your mortgage, the service is completely free. It includes your initial quote and personalised advice from a home loans expert, who will even help you with the paperwork and negotiate loan terms on your behalf.

Finding a better deal on your mortgage is no longer the complicated process it once was. Users love that they can sort everything out in a couple of clicks and a phone call, making it easier than ever to save money. More Australians are using this trusted service each year to make an informed decision on their home loan.

Your current bank may try to convince you that you’re already getting a good deal, but the fastest way to find out the truth is by shopping around. Many Aussies who use the service are surprised to learn how much they can save, and wonder why they didn’t compare sooner.

What may seem like a small difference in terms of percentage points can actually add up to hundreds—in some cases, even thousands—of dollars in savings. A few minutes of your time could pay off in a big way when you compare home loans with

*According to Reserve Bank data provided by Assistant Governor (Financial Markets) Christopher Kent on 14 August 2017

This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.