Banks make huge profits from home owners who are either unaware or just don’t have the time to shop around for a better deal, because it all just seems too difficult…

Are you one of the many Australians paying the ‘Loyalty Tax’?

Banks are making billions on the backs of hard-working Aussies, continuously having one record breaking quarter after another – where is the profit coming from? The loyal home owner!

It’s in our blood to be loyal, but sometimes, it just doesn’t make any sense. Banks can and will use this loyalty in your disfavour. Luckily, home owners are now able to compare rates and seek out savings much easier thanks to mortgage brokers.

Here’s what to do;

• Step 1: Select your approximate loan to value ratio. (if you don’t know, just take a rough estimate)
• Step 2: Complete the rate quiz
• Step 3: Compare quotes for your mortgage

My LVR (loan to value ratio) is approximately;

Our loyalty offers banks the chance to exploit already struggling families by enforcing higher interest rates than these unaware customers would pay if they shopped around for a better deal.

It’s becoming common place for banks to increase home loan rates outside of the RBA, only pass on some of the cut when the RBA decreases rates and sometimes even pocket the full rate cut for themselves.

“Oh, 20 dollars extra, no big deal”

It’s no wonder Australian mortgage holders are losing faith in their bank and looking for alternatives.

Many home owners think they have a great deal and believe their lender is looking after them.

Banks answer to their shareholders, who are seeking maximum returns on their investments, and that only comes when banks are making a serious profit, and they’re certainly not going to tell you that their competitor down the road is offering a much better deal than they are!

Here’s what to do;

• Step 1: Select your approximate loan to value ratio. (if you don’t know, just take a rough estimate)
• Step 2: Complete the rate quiz
• Step 3: Compare quotes for your mortgage

My LVR (loan to value ratio) is approximately;

The free rate review quiz from Your Online Mortgage Broker with help you find out if you’re over paying on your home loan, compare quotes from a range of well know lenders, see what rates are on offer and seek out savings.

A mortgage broker in your area will get in touch with you with your quotes