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New research from Aussie Home Loans has revealed just 33 per cent of the public ask for a second opinion on their home loan.
The finding comes after Lonergan Research surveyed over 1,300 people who have purchased a property within the past five years or who are intending to purchase, with a majority stating there are other factors which they believe are a higher priority.
Property price was the top concern for home buyers, with 73 per cent labelling it as most important, while location came a near second at 65 per cent.
Finding the right home loan was low on the list, with only 36 per cent of those surveyed saying they make time to shop around for a rate that suits them.
“A home loan is one of the biggest financial commitments we make in our lives, so to see it sitting so low down on the priority list is a concern,” Aussie executive chairman John Symond said.
The research also showed one third of home buyers prefer to stick with their main financial institution, with 47 per cent of these willing to pay an extra $76.77 on average in order to stay with their current bank.
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“It’s definitely worthwhile to see what your bank can offer you, but it could save you literally thousands of dollars to get an expert second opinion,” Mr Symond said.
“Think about all the things in life that you get a second opinion on,” he said. “It just makes sense to double check that you’ve got the right deal, even if you have already spoken to your bank.”
[Related: Financial comfort reaches record high]
