HOME loan customers have developed the itch to switch jumping lenders more frequently.
Historically-low interest rates, intense competition in the mortgage market and continuous pricing discounts has resulted in customers refinancing their loan every three to four years.
Data from the nation’s fifth largest bank, ING Direct, found in 2009 the average life of a loan was seven years but that’s now been cut almost in half as customers continue to get hungrier than ever to score better deals.
ING Direct’s executive director of customer John Arnott said mortgage customers were much more aware of how to get better bang for the buck.
“They want the best possible deal and increasingly this means switching providers,’’ he said.
“People are very focused on staying ahead with their home loans and the current low interest rate environment has helped them pay down their loans faster.
“This focus on paying down mortgage debt means that they are more willing to switch providers to get a better deal.”
Taken from news.com.au
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