A poll by PRDnationwide shows one in three mortgage holders would consider switching lenders if exit fees were relaxed. PRDnationwide research director Aaron Maskrey said record numbers of borrowers are looking to refinance, thanks to the publicity surrounding the Federal Government’s proposed banking reforms.
The PRDnationwide survey found 36 per cent of respondents wanted to change lenders. A further 17 per cent of respondents were undecided, while 47 per cent of respondents would not switch. “It’s a great time for home owners to see if they can secure themselves a better deal,” Mr Maskrey said.
“Now that the banks are relaxing their mortgage exit fees, are you considering changing mortgage lenders? “In some cases property owners can save hundreds of dollars per month by shopping around for a new lender,” he said. Treasurer Wayne Swan’s ban on exit fees is proposed to take effect from July 1 this year.
Mr Maskrey said with more interest rate hikes expected in the next 12 months, it was crunch time for many home buyers struggling to meet mortgage repayments.
“While there is no quick fix to reducing debt – getting a lower interest rate by refinancing could ease the strain,” he said.
