RateCity home loan sale gives Australians the incentive to switch

Financial comparison site RateCity.com.au will be hosting Australia’s first industry home loan sale from Monday 8 May to 10pm Tuesday 9 May, offering refinancers exclusive deals and potential savings of up to $39,000 for customers of the big banks.

Lasting for only 40 hours, the Switch & Save Sale will see eight home loan lenders come together to slash fees, offer cashbacks and cut rates.

Pre-registrations for the sale opened last week.

RateCity.com.au Money Editor Sally Tindall said there had been a huge influx of traffic to the site.

“Some of these deals could potentially sell out. 

“Our research shows that the average mortgage holder could save up to $39,000 on a 15- year loan,” she said.

“There are no up-front obligations, and customers have up to 30 days to take advantage of the discounted offer, provided they register within the initial 40-hour period,” she said.

RateCity’s Switch and Save Sale includes well-known banks such as ING Direct and HSBC, alongside competitive lenders such as Mortgage House, Reduce Home Loans, loans.com.au and IMB.

Ms Tindall said the climate was ripe for refinancing.

“With banks putting up rates out of cycle, alongside comparatively low wages growth, mortgage repayments are starting to pinch.

"Refinancing isn’t as hard as people might think,” she said.

The sale runs from 6am (AEST) Monday 8 May to 10pm (AEST) Tuesday 9 May 2017.

For more information, click here.