Homeowners are clueless and carefree, finds report

by Caroline Dann03 Oct 2012

Mortgage Choice has revealed a third of borrowers are still clueless about their interest rates.

Its annual survey of 900 first homeowners found 32% are unaware of the rate they pay.
It also found the level of concern over rates had dropped significantly from 2011, from 47% to just 13% in 2012.
“These statistics serve as a timely reminder that borrowers should take stock of their financial situation, especially for what is often their biggest financial commitment, their home loan,” said Mortgage Choice spokesperson Belinda Williamson.
In July, an Aussie Home Loans-backed survey also found a third of respondents were clueless over rates.
At the time, CEO John Symond said the results were deeply concerning.
“This statistic is really worrying… people need to be constantly questioning their rate. It could be just by speaking to their broker about a simple mortgage health check to see how much they could save," he said.
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  • by Country Broker 3/10/2012 10:53:06 AM

    This is absolutley true, amny people i speak with about refinance cannot tell me what their current rate is. just as concerning is new clients who appear to have no interest in teh rate but " want to know , "Can i et the deal done". We always run comparisons , sadly many clients have no interest in what we are telling them. I also suspect many do not reread the quotes and Credit proposals we give to them. Not all cleints are like this , but many are !!

  • by Kym Dalton 3/10/2012 11:05:55 AM

    Sadly, I have the statistics to prove that it's not just interest rates that many borrowers are 'clueless' about. Many don't comprehend the nature of their responsibilities. The sharp increase in complaints to EDR's is a clear indicator of this.