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With the big 4 banks deciding to raise their interest rates despite the Reserve Bank holding steady last month, a lot of homeowners have been asking themselves whether or not now is a good time to switch home loan providers.
Even with the major lenders raising their rates, homeowners should remember that interest rates are still at relatively low levels compared to what they have been in the past, but if you are not happy with the current rate you are paying then shop around and compare rates so that they can find the best home loan product for you.
If you head to a website such as compare.smh.com.au/home-loans you can easily compare all of the different rates and home loan features offered by different lenders.
If you do find a better home loan than your current one than it may be worth negotiating with your current lender to see if you can save money on your existing loan, but sometimes the best option is to switch lenders.
Some people are reluctant to change lenders, and while there is a bit of paperwork involved and it does take a little bit of time, you may be able to save thousands of dollars in the long run. Remember too that exit fees on loans were banned as of July last year, making switching loans much easier than it previously was.
It would be great if lenders were lowering their interest rates instead of raising them, but if you are unhappy with your home loan then let your feet do the talking. There are a lot of good home loan deals out there; you just have to go looking for them.
Will you be shopping for a better home loan deal?