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Borrowers Want Loyalty Rewarded

Mortgage Choice research reveals that many Australian borrowers feel undervalued by their lenders and will consider switching to a new lender if their loyalty isn’t rewarded.

The research indicates that 52% know they aren’t receiving the best interest rate offered by their lender or they aren’t sure they’re receiving the best rate available.  

Mortgage Choice CEO Anthony Waldron says: “Unfortunately, many lenders don’t reward their customers for loyalty. In a rising rate environment, it pays to shop around for a better deal and not be complacent with your home loan.” 

The research revealed 71% of borrowers would be very likely or somewhat likely to switch lenders if they were no longer getting the best rate – and 68% said they would prefer lenders to offer the same rates to new and existing customers so they didn’t need to switch. 

“Borrowers are telling us they want pricing parity between new and existing customers,” Waldron says. “They believe they should be rewarded for their proven repayment history.” 

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