Aussies face the mortgage monster

Record numbers of Australians are flocking to online sites and mortgage brokers to refinance their mortgages – and savings hundreds of dollars per month. “Compare all your current financial products to others in the market and switch if you find better,” said Andy Mitchell. But your home loan is your really big ticket financial item said Mitchell, so stop ignoring it and get a better deal.

In addition to your local bank, credit union or broker, you can compare online yourself at reputable comparison sites like and apply online. But shop around for a better home loan as this is the big ticket item.

Potential savings could be as much as $226 per week on average for typical $300,000 borrower switching from Commonwealth (7.81 per cent) to Infochoice’s lowest cost mortgage – the ‘Best Option’ home loan at 6.64 per cent or total savings of $67,762.

Source: Courier Mail