Australians are a nation full of commitment-phobes and are happy to move on when a ‘better deal’ comes up - whether the deal involves their home loan or their prime minister - according to a recent analysis of ABS data.
From June 2010 to July 2013, there were 560,965 borrowers who dumped their lender for a better home loan, says comparison site finder.com.au. Furthermore, the latest ABS figures show there were 18,056 loans refinanced in July 2013 - the highest number of loans refinanced since April 2008 at the peak of the GFC.
Site spokesperson, Michelle Hutchison, says it’s interesting to note that during the same time period, the Labor government ousted its leader twice, Kevin Rudd for Julia Gillard in June, 2010 and then Rudd was re-elected in June 2013.
“We clearly don’t mind ditching if it means a better deal and that’s the same with borrowers and their lenders.”