Now is the time to compare and switch loans

With the big four banks increasing their lending rate, now's the time to start making moves to get a better deal from your lender.

“Our phones have been running hot with people wanting to know what's on offer,” iSelect's Matt Cuming says. “We tell them this is a time to be looking around.”

Savings of more than $200 a month on a standard variable loan for a mortgage of about $300,000 are possible if you're prepared to switch from the big players to smaller lenders.

Borrowers don’t just want to know the cheapest rate they also want to find out if a lender will offer offset accounts or whether it provides internet banking.

Source: The Age