The latest Deloitte Access Economics’ latest report makes for pretty interesting reading.
It turns out the average Australian has a, “wide-ranging hesitancy to make any sort of change” when it comes to their mortgages and other financial products.
In fact, a reported 41% of Australians with a mortgage don’t check for interest rate changes because they either have no interest, don’t know what the RBA cash rate is, or don’t see its relevance.
Does it surprise you that educated borrowers don’t take any action to improve their household finances, even when they suspect they’re not getting the best deal on many of their financial products?!
Why don’t people care about getting a better deal?
Apparently 1 in 3 people know there are better deals out there, while 1 in 5 don’t bother to even check.
Your individual reasons for not switching to a home loan that would improve your financial position, may vary.
However, Deloitte identifies the three main reasons why people don’t take action.
1. Decision-making paralysis
“Too often, many consumers get stuck before making a choice – and then they do nothing,” explains Deloitte.
2. People “hate feeling dumb.”
“Consumers also hesitate when they fear or worry about the possibility of making a bad decision. This, coupled with the fact that people tend to avoid what makes them nervous,” adds Deloitte.
3. People simply put it off.
“Outcomes set in the distant future typically lack a sense of urgency in contrast with everyday needs, making it easy to defer decision making to a tomorrow that never arrives,” says Deloitte.
It’s easy to understand why people put off reviewing their loans, but we can help. Here’s how:
1. We make things easier for you – NOT more complicated!
We’ll present you with a shortlist of the best lending options (after we’ve done all the analysis and comparisons).
We’re here to provide a solution, not hand you another problem by suggesting a hundred different home loans to consider.
2. There are no dumb questions!
We’re here to make things easier for you to understand. It’s our job to answer all your questions and provide you with the support you need.
After helping borrowers with their home loans for the best part of 2 decades, we can safely say there are no dumb questions.
You ask all the questions. And we’ll answer them in a way that makes sense to you.
That’s how this works.
3. We can help you overcome avoidance.
This one is simple because we’ve made it super easy to get the ball rolling.
You don’t even need to pick up the phone. Just enter your details here and we’ll contact you.
Take back control over your household finances.
Stop VOLUNTARILY paying more for your loan than you need to.
We’re here to help.
