A home loan or mortgage is one of the biggest financial commitments many of us will ever make, so to see it sitting so low down on the priority list is a concern. Even saving a tiny amount on your interest rate can add up to a lot of money saved over the life of a mortgage, so a second opinion really should be at the top of every savvy home buyer’s priority list.
New research reveals just 33 per cent of home buyers ask for a second opinion on their mortgage. More home buyers ask for a second opinion on where to go for dinner (38 per cent), their next holiday destination (36 per cent) or which type of car to buy (45 per cent) than what home loan to choose.
According to the survey of more than 1,300 home buyers, finding the right home loan is equally low on the priority list, with only 36 per cent of home buyers saying they would prioritise finding the right home loan or shopping around for the lowest rate. Home buyers were much more likely to do research on the price of the property (73 per cent), location (65 per cent), type of property (62 per cent), size of property (54 per cent), close to amenities (51 per cent) and a backyard (39 per cent). While finding the right property is important, finding the right home loan should be just as important.
It is worthwhile to see what your bank can offer you, but it could save you literally thousands of dollars to get an expert second opinion. Think about all the things in life that you get a second opinion on. It just makes sense to double check that you’ve got the best deal you can, even if you have already spoken to your bank.
With consumers today generally being more satisfied with their main financial institution than ever before, one third of home buyers believe it is important to get a home loan from their current bank. Of these, almost half are willing to pay an extra $76.77 on average per month to stay with their current bank, or $921.18 annually.
When you think about how big a financial commitment a home loan is and how much you end up paying over the life of your loan, it is surprising that some home buyers are willing to pay more than they need to.
A 5 minute conversation with Chris could literally save you thousands on your mortgage, you’re not committed to change lenders at all – but wouldn’t it be good to know how much you could be saving?
Give Chris a call on 0434 449 455 or just send us an email to email@example.com with your details and we can run the numbers for you – you’d be crazy not to!