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Symond ‘worried’ customers clueless over rates

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Australian Broker | 04 Jul 2012, 04:00 AM Agree 0
Aussie’s John Symond is concerned about fresh data showing a third of Australians don’t know their own interest rates
  • Gary Perth | 04 Jul 2012, 10:38 AM Agree 0
    I am amazed that the percentage isn't lower, most consumers think that once the loan is in place their duty is done. Most never return to look at the percentage as they have more important things in life to worry about, like paying off the credit card, interest free term on that TV coming to an end Etc. That is why this industry needs to stand up and be proud of what it does, at least we know that the client has been place into a loan that will in the long term benefit them and their family. I would like to see the difference between lender direct and broker clients on a similar survey.
  • scopher | 04 Jul 2012, 11:17 AM Agree 0
    It would be a sad obsession if you had to know exactly the interest rate on your home loan at any point in time as Symonds suggests. Better advice would be to make sure you get the right loan in the first place and work with a broker you will review your loan on a regular basis.
  • KT | 04 Jul 2012, 12:57 PM Agree 0
    Scopher...totally agree with you there. I can't be bothered reviewing my interest rate every month and comparing to other loan products. Geez....what's 0.5% here and there.....the Big 4 lenders keep changing position in terms of cheapest to dearest every RBA rate change anyway!....one day it is Westpac dearest, next cycle it is ANZ, next cycle it CBA and then next cycle its back to Westpac

    Why waste time constantly chasing the cheapest rate out there? Poor advice from John Symonds who is supposedly an expert on these things.

    Its better to get a good broker that structures your loan properly to ensure you can refinance and/or take out more equity when your circumstances suit (for e.g avoid cross-collateralising or selecting a honeymoon rate product without offset facility over a premium product that DOES have offset facility). When I see my broker he knows rates is not the main thing I look out for.....give me good structure advice instead of updating me on rate differentials!

  • Jason | 04 Jul 2012, 02:11 PM Agree 0
    Mr Symond is absolutely correct and that is why a good broker should have a quality customer contact program in place to keep them informed. Information is power for both the customer and the broker.
  • KT | 05 Jul 2012, 01:43 PM Agree 0
    Information overload for the broker's clients is nosie to them. SOme brokers like to think Big picture while others are trying to nit pick the lowest rate and constantly chase their tail
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