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Does your bank work in your best interest?

The majority of Australians believe they have a good relationship with their bank but their expectations are surprisingly low.

We recently surveyed 1,000 Australians to find out how they felt about their bank and why people are prepared to settle for anything less than the best deal, particularly when it comes to their mortgage.

The research uncovered that although 61% of respondents say they have a good relationship with their bank, 66% do not believe their bank works in their best interest.

“There’s clearly a disconnect in expectations when it comes our relationships with banks,” says David Hyman, co-founder and managing director at Lendi. “It’s crazy that people rate their relationship as positive, yet they don’t genuinely expect their bank to work proactively in their best interest.”

The survey also showed only 27% of respondents believe they are being offered the same deal that their bank is offering new customers.

Hyman continues; “Nearly three quarters of people do not believe they are getting the same value as new customers but this is relatively easy to rectify.

“Homeowners should review their mortgage and compare it to what their lender is offering to attract new customers. If your deal is not the same, ask your bank to match it. If they refuse, talk to a home loan specialist about switching.

“It’s good to see that 70% of those surveyed would switch banks for a better deal. A little bit of effort could save you a lot of money over the life of a loan.”

*Online survey of 1,000 Australians (aged 18+), conducted 10 - 12 April 2018.

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Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 35% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors.
*WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
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