We’re always looking for ways to cut down spending on food, fashion, travel, and leisurely activities. However, new research indicates that some Australians are missing out on much bigger savings simply by not reviewing their home loan.

Recent nationwide research conducted by the University of Technology (UTS) and Heritage Bank, looked at why people do and don’t refinance.

While the research found that Australians are continually looking to make savings on the things they connect with emotionally, like clothing and travel, they focus considerably less on major life purchases such as home loan, credit cards and providers of utilities like energy, gas, and internet.

Researchers found that almost a third think switching home loans is too much trouble. A further 28% said they did not switch because they perceived the cost of switching was not worth the time and effort.

The results of the research indicate that switching home loans was found to bring significant savings. The respondents who did switch enjoyed savings of up to $3,000 per year – which is an impressive reduction over the life of a mortgage. For example, savings $3,000 per year on a 25-year loan can lead to a saving, in your pocket, of up to $75,000.

The research is expected to encourage more borrowers to take the step to shop around.

This is when a mortgage broker can be an excellent resource for you. Mortgage brokers working with leading banks and lenders to search hundreds of loan products on the market. Lending criteria is constantly changing, as well as the products banks and lenders offer, and a broker can help you identify the best possible options for your individual circumstances.

Need a solution or want to talk to someone about your eligibility to refinance and save? Simply get in touch. Call 1300 652 842 or email info@whitestar.com.au.