Australian mortgage borrowers can now monitor their loan interest in real time with a new online tool launched by My Mortgage Freedom.
My Mortgage Freedom developed ratetracker.com.au as an alert system for clients. The tool notifies borrowers when interest rates become too expensive compared to other existing offers in the market.
"Particularly in these times when COVID-19 is impacting the economy, few people are doing their best to make sure their home loan has the best possible interest rate", said Anthony Alabakov, CEO of My Mortgage Freedom.
Borrowers who have signed up for the tool will receive messages when an interest rate lower than their current home loan is offered and their existing bank can no longer match that rate.
"This will get our customer service team to kick in to contact their existing bank to renegotiate. Usually this is enough to bring the rate down, if the existing bank cannot offer a more competitive rate they will look elsewhere. . a more appropriate solution, "Alabakov said.
A recent study by My Mortgage Freedom found that more than half of Australian borrowers are unable to regularly review their mortgages. Alabakov said this "complacency" only increases bank revenues and puts the burden on home loan customers.
"But now, thanks to Rate Tracker, homeowners can sign up for a service for free that shows them a product that has a lower interest rate than their existing home loan," he said .
Alabakov said the tool's launch was in line with Best Interest Bond (BID) reforms introduced this year in the financial brokerage industry.
"Rate Tracker is an example of how the brokerage industry works to try to achieve the best possible results for our clients with innovative solutions that meet their needs," he said. declared.
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