MFAA Welcomes CBA Comments That Borrowers Should Negotiate Their Home Loan Rates Down

14 February 2013

In light of the reported comments by the Commonwealth Bank of Australia yesterday regarding future interest rate movements, the Mortgage and Finance Association of Australia (MFAA) has urged borrowers to utilise the services of a mortgage broker to negotiate their rates down.

CEO of the MFAA, Mr Phil Naylor, said “many borrowers are still stuck with standard variable rates at around 6.5 per cent when special deals are available at just over 5 per cent. Mortgage brokers can assist borrowers to lower their repayments by thousands of dollars and take years off the life of their loans.

“However they need to be careful to select the appropriate interest rate and loan features for their needs and income levels through talking to one of the accredited mortgage brokers who are members of the Mortgage and Finance Association of Australia.

“Mortgage brokers continue to build their presence in the market, breaking through the $100 billion barrier of home loans written during the 2012 calendar year, and they can lead borrowers through the maze of home loans deals now available in the market”, he added.

Mortgage brokers originated more than 40 per cent of all new residential lending during 2012 and have become a vital professional service to borrowers.

MFAA members, now established as a trusted source of information and loans for borrowers, adhere to a strict industry code of practice.

For Further Information Call :

Phil Naylor                                                          Tim Allerton

MFAA                                                                   City PR

(02) 9967 2896                                                   (02) 9267 4511 or (0412) 715 707.

(0411) 554 048.

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