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Why almost a fifth of mortgage holders would not switch lenders for a better deal

Why almost a fifth of mortgage holders would not switch lenders for a better deal

Almost a fifth of Australian mortgage holders would never consider switching banks despite the potential savings of tens of thousands of dollars, according to new research.

While mortgage interest rates are at record lows, not every home owner is prepared to jump to a new lender, according to a Finder survey of more than 1000 home loan customers.

The comparison website found that 17 per cent of mortgage holders would never consider switching.

Finder’s money expert Bessie Hassan said mortgage holders should shop around for the best deal in the current low-interest environment.

“We tend to have a ‘set and forget’ mentality when it comes to some things in our lives and finance does fall into that category,” Ms Hassan said. “We tend to stay with the same provider or the same bank longer than we should.

“People might think they’re getting the best deal from their provider because they’re remaining loyal … these people could be missing out with the savings that comes with shopping around on a regular basis.”

She said the onus was on customers to know market rates to ensure they were getting the best deal, a factor that played into not switching lenders.

“Some people are put off by the process of switching but we’re about to see that become easy with open banking,” Ms Hassan said.

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