The Mortgage Finance Association of Australia is urging mortgage brokers to shop around if they want to get a better home loan deal for their clients, in light of the RBA’s latest interest rate rise.
“Changes to the official interest rate can present significant opportunities for consumers who have not already looked into refinancing options,” said Phil Naylor CEO at the MFAA.
By the same token, Loan Market Chief Operating Officer Dean Rushton said mortgage holders who are considering refinancing should ask their broker include product options from smaller lenders.
“Borrowers should talk to a mortgage broker to assess what the economic benefit would be to move from their current home loan after entry and exit fees are applied”, Mr Rushton said.
Mr Rushton said small lenders are providing increased competition to the major banks encouraged home owners to review their mortgage regularly.
Source: brokernews.com.au, Loan Market
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