New data has suggested lenders are, on average, providing better rates to customers in New South Wales (NSW) than to those in Queensland (QLD).
The biggest discrepancy was found with ANZ, whose rates differed by 39.57 basis points between the two states.
According to the research, ANZ’s average rate in QLD costs homeowners nearly $2000 more per year than the average ANZ rate in NSW.
However, it was also found this was only the case for new loans. There were lower rates for refinancing in QLD.
After ANZ, the lenders with the least similar rates in each state were BankWest and AMP.
The banks with the most similar rates were ING, Macquarie and Suncorp.
Mandeep Sodhi, CEO and founder of HashChing, said it was enlightening to see how the average interest rates differed between states for each lender.
“New South Wales borrowers are getting the sharpest rates overall, but it’s interesting to see that the big four banks are evenly split down the middle.
“Our data shows that the rates available through our platform are well below the industry average of 4.5 percent, which is a testament to the negotiation skills of HashChing’s partner brokers. The rates that banks offer customers who walk through the front door are typically a lot higher than what brokers are able to negotiate on their clients’ behalf.
“If you’re paying an interest rate that’s higher than what we’ve listed for each lender, it will be well worth your while to jump on the HashChing website and see what our brokers can do for you. You could easily shave hundreds of dollars off your monthly mortgage payment,” he said.
ANZ was approached for comment.
From Australian Broker