Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Why Aussies should shop for better loan rates

Credit Simple, DavidScognamiglio, mortgage, personal loan, loan savings

Shopping around for a better rate on a mortgage or personal loan can yield hundreds of dollars in savings, according to Credit Simple.

Credit Simple chief executive David Scognamiglio says Australians can save “on average about $830” on their financial products if they are willing to shop around.

“There are a lot of challenger brands out there in the market pricing for risk, and particularly peer-to-peer lenders and some of the smaller companies,” Mr Scognamiglio told Nest Egg.

“You can get really sharp interest rates on personal loans, particularly if you have a good credit score so you can get down to that 7 per cent mark for a personal loan on a really good credit score if you shop the market well.”

Advertisement
Advertisement

Mr Scognamiglio said knowing your credit score was one way Australians could take advantage of better, risk-priced rates offered by these companies, adding that using your personal finance data to find better products is likely to become more popular.

“There’s a real drive for consumers to own their own personal financial information and I think we’re going to see that play out over the next five years,” he said.

“The government is building a set of rules and regulations to make the financial community provide consumers with access to their data in an easy electronic format where they can port it around, so we’re going to start to see this.

“If you’re a consumer, you really need to know what’s in your data, how to port it, and start to shop around the market for how they can use that information, because over the next five years it will result in better deals, easier ability to switch and a tonne of savings.”

Why Aussies should shop for better loan rates
Credit Simple, DavidScognamiglio, mortgage, personal loan, loan savings
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Cynic - Do you think this wasn't considered when Mr Morrison took 4 months to set the election date? It is out of our control to deliver this year. Ha!....
Anonymous - Bulldust. This sounds like leftist badmouthing the government as the ASTO has already said that even if the legislation is passed after 1 July 2019 it.......
Anonymous - Happy days are here again for all the aspirational battlers and retirees who will not be ripped off by Labor's Tax grab.....
MelbMan - We dodged a real bullet with Saturday nights Federal election result. ....