Despite experiencing some of the lowest home loan rates in history, two in five mortgage holders have not switched providers in the last decade, according to a survey conducted late last year by

Although most respondents cited being happy with their current lender as the main reason for not having switched, Australians are potentially wasting over $2.3 billion annually.


But the fact is, Aussies who are content with their current lender could be saving an average of $8,000 if they were to commit themselves to an alternate lender.

With a mortgage market more competitive than ever before, new discount offers being distributed daily and exit fees being banned back in 2012, it’s never been a better time for mortgage holders to consider and compare their options.

15 Rowan Street, Elsternwick, VIC.

3 top tips to getting a better home loan rate:

1. Negotiate: Even if you’re content with your current provider, there’s always a better deal. And as the borrower, you have power. Dedicate an hour of your day to calling other providers and find out what deals are on offer. If you challenge your current provider to match the discount/deal/promotion offered by another, the chances are you’ll receive it.

2. Alternate: Jump online and see what else is available. We’re currently experiencing historically low repayment options, so be sure you’ve obtained one. Don’t let potential paperwork prevent you from saving thousands.

3. Consolidate: Refinance to a debt consolidation loan. This type of loan is a home loan you can refinance to which also lets you pay out your credit card and personal loans. Rather than pay off multiple different debts, combine all your debts into a single home loan repayment each month. Additionally, this means that all your debts are only charged at a home loan interest rate – which can be considerably lower than a credit card card or personal loan interest rate. Typically, interest rates on personal loans are over double that of home loan repayments, so combining the two will see you save substantially.


Bessie Hassan is a Money Expert at, the site that compares virtually everything. She regularly appears on national radio, TV, and throughout online publications sharing her best money-saving tips and property advice. She's passionate about helping Australians make more informed decisions so they can improve their quality of life.

Share this article


Homely is an internationally acclaimed real estate portal helping millions of Australians each year to find their next home for sale or for rent. Check out our suburb reviews and local Q&A pages to see what everyone is talking about.

Download the Homely App

Over 300,000 properties to choose from in the Homely app for iPhone and Android

Download on the app store Download on the app store

We'd like to hear from you!

If you enjoyed this blog leave a comment below and share it with your friends. Please respect the public forum and refrain from posting any expletives or hateful comments as they will be removed. We're always on the look out for guest bloggers and would like to receive your feedback, so feel free to get in touch at [email protected].


  1. For new home buyers as PRs where can i get the best home loan rates please? There are so many options of various loan types i m confused somewht!


Please enter your comment!
Please enter your name here