9Saver brings mortgage stress relief to borrowers with the launch of new home loan deal
More than one in three Aussie mortgage holders surveyed by 9Saver are stuck on high rates and could be saving on their repayments simply by refinancing, according to a new 9Saver survey.
The finding comes as 9Saver reveals its biggest ever cashback offer for mortgage switchers thanks to the success of the recent 9Saver Bill Buster campaign.
Despite the Reserve Bank cutting the cash rate to historic lows and the majority of big banks passing on recent cuts, 27 percent of homeowners say they are experiencing considerable to extreme levels of mortgage stress.
The survey of 3,175 households also found:
- 36% of mortgage holders’ home loan interest rates still started with a 5 or a 4, despite rates under 4% p.a. now being common
- The highest levels of mortgage stress were found in New South Wales,
- 13% of surveyed borrowers didn’t know the interest rate they were paying
9Saver Consumer Campaigner Christopher Zinn believes low interest rates have encouraged competition and given consumers an advantage provided they engage in the market.
“Rates have never been lower, so it’s time to cash in. If you are paying anything with a five or four in front of it, you really need to be shopping around,” said Zinn.
“My advice is, don’t set and forget! The difference in negotiating a better deal on your mortgage could be thousands of dollars a year,” he added.
9Saver has used the buying power of its 185,000 members to date to unlock its biggest home loan deal to date with People Power Loans^. Switch via this offer and receive:
9Saver Mortgage Deal:
- $1000 cashback when you take out a home loan over $550,000* or,
- $400 cashback when you take out all other home loans above $200,000 up to and including $550,000*
- Dedicated support from a qualified mortgage broker with access to over 40 lenders including all major banks.
“Get a free quote at 9Saver and make that your first stop on your savings journey. Take it to your lender and ask them to match it, and if they can’t – walk,” said Zinn.
This home loan deal from 9Saver is the latest offer to be unveiled as part of the 9Saver Bill Buster Campaign, which aims to save members money on a different household bill each week for the month of October.
“We are thrilled by the success of the 9Saver Bill Buster campaign which has seen more than 6,500 people sign up and add to 9Saver’s incredible buying power,” said Zinn.
Now in its third week, the campaign has already unveiled deals in electricity, gas and health insurance.
“It’s cost and obligation free, just head to 9saver.com.au to see if you can save,” urged Zinn.
9Saver is an initiative of RevTech Media Pty Ltd and Nine Entertainment Corporation and is operated by RevTech Media Pty Ltd ABN 75 150 963 474, holder of an Australian Financial Services Licence (AFSL 455982) and an Australian Credit Licence (ACL 405918). In providing credit services to our members 9Saver make no enquiries about an individual’s financial situation, requirements and objectives.
*If you take out a loan through People Power Loans you are eligible to receive a cash back of $1000 for settled loan amounts over $550,000 or a $400 for settled loan amounts equal to and under $550,000 (min. loan amount $200,000)