Almost half of Australian home owners have never refinanced their mortgage, the results of a new consumer survey conducted by Aussie Home Loans has shown.
The survey of more than 1,000 mortgage holders showed 45% have never refinanced their home loan. Almost one third (29%) of respondents said they have never refinanced because they think they won’t get a better deal. Almost one in five (18%) said haven’t thought about it or don’t know where to start and 17% believe it’s too time consuming.
Of the 53% of respondents who have refinanced, it happened, on average, more than two and a half years ago.
The CEO of Aussie, James Symond, said he isn’t surprised by the fact many mortgage holders have stayed away from refinancing, with many likely unsure of how the process works.
“It’s not surprising that home owners don’t know where to start and think refinancing is time consuming, but that’s where a mortgage broker can help.
“Aussie brokers are now doing more refinance home loans than any other type of home loan, and that’s because our customers want an expert who’s on their side to get it done for them.”
Three quarters (74%) of respondents said they didn’t know how much money they could save by refinancing, especially women (82%; men 67%). However, Aussie’s data shows its refinance customers save on average $240 every month.
“There is red hot competition in the home loan market and lenders are fighting for market share with some offering attractive incentives to get customers to switch their home loan,” Symond said.
“It’s just smart for people to investigate whether they can get a better deal, whether by refinancing or simply asking your lender for a better rate.”
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