The ACCC has recently reviewed the big banks and found that on average a new to bank client will be about $850pa better off then an existing client with the same bank. The banks were found to make if difficult for consumers to work out what was a good rate. This is why a good mortgage broker can be invaluable to you. As we can review your loan every couple of years to make sure that it is still offering a competitive rate with the features you may or may not need. With the banks changing how they assess loans sometimes bank policy can be as important as the interest rate itself.
The bottom line is this. If you haven’t spoken to your bank or broker in the last 12-18 months then I strongly suggest you do so. We are also able to do the reviews for you as well. As we are not bank aligned and we work for you. By being fee for service we are paid the same amount regardless of which lender you decide on.
It might not take a lot of time or effort to save the money that the ACCC mentioned!!