Switch home loans and save $50,000

Ditch and switch has become the mantra for those dissatisfied with the way the big banks have manipulated interest rates.

The average big four advertised variable rate is 7.4 per cent. That's almost a full percentage point more than the best rates. Online lenders such as eMoney, MyRate.com.au and QuickDirect offer around 6.5 per cent, but borrowers are advised to check the comparison rate which includes fees. And don't forget to ask your bank if they can offer a matching discount.

Still can't get excited? Well, on a $300,000 mortgage that rate cut equates to a monthly saving of $172, or $52,000 over 25 years.

Source: Sydney Morning Herald

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