Hobart, why haven’t you refinanced your mortgage?

Despite interest rates being at record lows, research from leading mainstream specialty lender, Liberty, has revealed that a surprising 56 per cent of Hobart mortgage holders have never refinanced their mortgages.
Liberty Network Services Adviser for Hobart, Lynette Heywood, said she was amazed that people weren’t booking in a finance health check.
“Many Hobart residents are likely to apply a set-and-forget mentality to their mortgage, which involves sticking with the one lender for the full loan term. However, at a national level, this is potentially costing Australians billions of dollars every year in lost savings. It can also mean that Hobart residents forgo the opportunity to get a better rate, and possibly pay off their debt faster.
“If 56 per cent of Hobart mortgage holders are not keeping track of the market, looking outside the banks at the competitive alternatives available to them and actively looking to change, they’re doing themselves a major disservice,” said Mrs. Heywood.
Those that hadn’t refinanced said it was because they were happy with their current rate.
Despite this, only 67 per cent of Hobart mortgage holders know what their interest rate is.
“The good news for Hobart residents is that the easiest place to start is by booking in a finance health check with a mortgage broker. We know the market well, so will be able to point mortgage holders in the direction of a better deal. While it may seem easier to apply the set-and-forget mentality, this can cost more in the long run,” said Mrs. Heywood.
* Research was conducted by Pure Profile on behalf of Liberty. It asked 1,204 Australian mortgage holders – a nationally representative sample – to give feedback about their mortgage.
Jamie Foote, Liberty Financial