For some time, one of Western Australia’s largest mortgage brokers has been calling for a competitive home loan market and seeing a handful of lenders in a proactive share-nabbing advertising and public relations campaign brings a lot of happiness.
Things are looking healthy for borrowers these days thanks to a couple of the major banks and a number of other lenders introducing a range of incentives to encourage people to switch mortgages and / or products.
However, buyers are being cautioned to move only when they understand the true benefit versus cost equation.
In the further awakening of competitive spirits within the home loan sector, recent campaigning is hoped to push others into action and benefit many consumers by heightening their awareness of the wide variety of home loans and lenders available.
Consumers are advised to look beyond fancy marketing and understand the true value of any incentives, to focus on comparing the real substance of home loan products available and outweigh the overall cost and benefit of switching.
New offers available, including lenders offering to pay switch fees and providing interest rate discounts, are spurring more fed-up borrowers to shop around, and a significant spike in borrowers researching their options has already been observed.