Financial comparison site RateCity.com.au announced today it will be hosting Australia’s first industry home loan sale, offering refinancers exclusive deals and potential savings of up to $39,000 for customers of the big banks.
The sale will include the lowest ongoing variable rate, exclusively at RateCity.com.au/sale.
Starting Monday 8 May at 6am (AEST) and lasting for only 40 hours, the Switch & Save Sale will see eight home loan lenders come together to slash fees, offer cashbacks and cut rates, with pre-registrations opening today.
RateCity.com.au Money Editor Sally Tindall said that if successful, the sale could take up to an estimated $1.98 billion worth of home loans away from the big four banks. The sale also has the potential to put up to an estimated $222 million back into the pockets of Australians.
“Our research shows that the average mortgage holder with a big bank could save up to $39,000 on a 15-year loan,” she said.
“That’s thousands back into your pocket, instead of your bank’s.
“To participate in the sale, all you need is some basic information about your current mortgage such as interest rate, loan size, and property value.
“In less than a minute, you can plot a new path to mortgage freedom.
“There are no up-front obligations, and customers have up to 30 days to take advantage of the discounted offer, provided they register within the initial 40-hour sale,” she said.
RateCity’s Switch and Save Sale includes well-known banks such as ING Direct and HSBC, alongside competitive lenders such as Mortgage House, Reduce Home Loans, loans.com.au and IMB.
Ms Tindall said the climate was ripe for refinancing.
“With banks putting up rates out of cycle, alongside comparatively low wages growth, mortgage repayments are starting to pinch.
“Switching to a more competitive home loan is one silver bullet that’s staring us in the face.
“Refinancing isn’t as hard as people might think. Yes, there’s a bit of paperwork involved, but lenders are more than happy to do the heavy lifting for new customers.
“And for a return of up to $39,000? That’s a pretty good hourly rate,” she said.
The sale runs from 6am (AEST) Monday 8 May to 10pm (AEST) Tuesday 9 May 2017, with pre-registrations opening on 30 April 2017 at ratecity.com.au/sale.
Customers who pre-register will receive a reminder email as soon as the sale starts, ensuring they don’t miss out on the action.