Only 30% of borrowers compare home loans & receive multiple quotes#
Common myth - "It pays to compare"
The ACCC found unnecessarily high search costs or effort reduced borrowers' willingness to shop around for a better home loan deal. The average customer with a 30-year home loan could save thousands of dollars by negotiating with their current lender or shopping around.
#Source: Australian Competition & Consumer Commission, Residential mortgage price inquiry – Final Report.