Top 5 Ways To Keep Switching Your Home Loan Simple
8th OF September 2012
They’re calling it ‘Switching Apathy Syndrome’. If you take a laid back attitude to your mortgage repayments then chances are you are part of the 40% of Australians unsure of what their current interest rates are that you can actually save money by refinancing your current mortgage.
By Anna McDougall, Money Maven
So, have you self-diagnosed your condition of SAS yet? Alex Twigg, General Manager at UBank asserts that advances in technology and simple application processes are making life easier for homeowners to seek out savings.
Almost three quarters of us are unsure if we can save money by refinancing with a different home loan provider, while almost a third claiming it would take too much time to make the switch (whinge!)
We shop around for the best car deals, laptop deals and shoe deals, so why do a whopping forty-one per cent of us just consider the one provider before signing up to the financing? Switching Apathy Syndrome, of course.
Alex Twigg says “the average online application for re-financing takes only half an hour, and more importantly the mortgage holder can save up to $1900* a year by refinancing their mortgage.”
Dr Suzy Green, Clinical Psychologist from the Positivity Institute shows us the best five ways to make switching your home loan no harder than it needs to be.
“There are a few simple rules the mortgage holder can follow to overcome their apathy to change, that will in the long run provide more savings and more opportunities to re-invest in other important things that matter to them.”
1. Accentuate the Positive.
First and foremost write out a list of all the benefits making the switch could possibly have. It’s not until the positives outweigh any negatives that you’ll actually take action.
2. Stick to the KISS principal or Keep it Simple Sweetie!
We need to make change as simple as possible for ourselves. Ask yourself or your mortgage provider - how can I go through this process more simply? It may be that through your research you discover that the change process is much simpler and involves much less paperwork than you thought in the beginning.
3. Seek motivation. Seek out success stories by speaking to people who have refinanced and hear them talk about the process and the significant benefits it’s made to them.
4. Start small. Just commit to spending 10 minutes initially on the Internet or on the phone. Make some initial enquiries that will hopefully highlight the benefits of change - which in turn will motivate you to take the next step.
5. Pass it on. As you're moving along the process, keep recognising the benefits this investment in time is bringing to you and your family. Share your story with others and hopefully inspire them to move out of "switching apathy syndrome".
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