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)

^People Power Loans are provided through Finsure Finance and Insurance Pty Ltd ABN 72 068 153 926 and Australian Credit Licence Number 384704 (Finsure). By providing a means for members to contact Finsure directly, 9Saver is acting as an intermediary and is not the credit provider or providing credit assistance.

If you take out a home loan as a result of services provided by us, Finsure may pay us an ongoing commission of up to 0.2% per annum (plus GST) of the value of any outstanding current loans.  Further information can be found in the 9Saver Financial Services Guide available here.

A payment under the Cashback Offer (“Cashback Payment”) will be paid for residentially secured home loans settled during the Offer Period. Cashback Payment will only be made to enquiries received by People Power Loans during the Offer Period which is from 14th October 2019 to 22nd November 2019. Applications received during the offer period and loan must settle before 22nd February 2020 to be eligible for Cashback payment. The Cashback Payment will be deposited to your specified account within 90 days of loan settlement. A borrower cannot transfer or assign their right to the Cashback Payment to any other person. Finsure accepts no responsibility for any tax implications that may arise from the Cashback Offer. The borrower should seek their own independent advice in this regard. Participation in the Cashback Offer is deemed acceptance of these terms. Credit Representative Number 417207 of Australian Credit Licence Number 384704.