How much can I save by switching home loans?
Fierce competition among lenders makes the potential rewards of switching to a lower rate, lower cost home loan very lucrative at the moment. A 0.25 percentage point interest rate drop on a $250,000 home loan can save you $10,000 over the life of a loan. Right now the difference between the lowest rate mortgages in the market and the highest rates is about 1.5 percentage points.
Source: Herald Sun