Just 11 percent of Australians are set to refinance their home loans in 2019: Finder

Just 11 percent of Australians are set to refinance their home loans in 2019: Finder
Just 11 percent of Australians are set to refinance their home loans in 2019: Finder

11 percent of home borrowers will be seeking new lenders this year, according to a new research revealed by Finder.

Their survey of 2,010 revealed that 56 percent of Australians are "sick of paying too much for financial products and pledging to switch at least one this year."

Aussies are most likely to switch phone providers, with 3.5 million looking to ditch their telco this year.

Finder's survey revealed "parents are twice as likely (14%) to consider switching a home loan than those without kids (7%)."

"Australians are least likely to shop around for super funds. Just 7% admit they will look for a better deal in 2019."

"Health insurance (17%), car insurance (16%), energy plans (16%) and broadband internet (14%) round out the top five switches that Aussies will be pursuing in 2019," according to the researchers.

Angus Kidman, editor-in-chief at Finder, says “Cost-cutting is the main reason householders will jump ship, and it can result in huge savings.

Generation Y (those aged 24-38) are much more inclined to switch, with 70% keen to find a better deal in 2019, compared to just 41% of Baby Boomers (those aged 59 and above).

Kidman said “More Australians are shopping around than ever before and they’re looking for the best deals."

Service                                                       

Mobile plan

18%

Health insurance

17%

Car insurance

16%

Energy provider

16%

Broadband plan

14%

Credit card

12%

Home loan

11%

Super fund

7%

Tags: 
Financial Services Finder.com.au

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