Refinancing by established homeowners: survey

Want to save $108,000? We can do that! 🙋‍♀️💰🏡
 
Recently, the comparison provider Compare Club conducted a poll that 80 per cent of Australians cut back on spending during the three months to June so they can cover their bills.
 
Of the 73 per cent of consumers found to have received a bill that cost more than expected, 50 per cent avoiding to eat out, and 35 per cent cut down on their saving.
 
The majority of those surveyed were property owners who spent one-third of their income on home loans. 
 
Despite the low interest rates now, more than half of the respondents had not considered refinancing!
 
According to Compare Club Home Loans' general manager, Matt Gatt, a homeowner with a mortgage of $450,000 could save around $3,600 annually and more than $108,000 for the entire mortgage if they reduce their interest rate by 0.8 per cent.
 
Investors were most likely to refinance, with multiple properties because of their experience in the market.
 
Out of 10 first home buyers, 9 of them are actively looking to cut costs, with 79 per cent comparing service providers and 59 per cent making a switch.
 
40 per cent of younger homeowners (aged 25-34), are more than twice as likely to compare and switch than those aged over 54, at 15 per cent.
 
It is the youngest consumers who had experienced the highest rates of bill shock and had searched for ways to cut living costs, with half switching to more affordable providers.
 
In contrast, consumers aged over 54 experienced bill shock, but in response, only 12 per cent switched service providers to refinance.
 
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