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New research from mortgage software company Sherlok has revealed banks will cut, on average, close to half a per cent from mortgage rates if asked.
According to the research, someone with a $600,000 loan could save $2760 annaully.
“You can save $2000 or $3000 a year,” Sherlok founder Adam Grocke said.
“People should be doing this every 11 months. So 11 months since their loan settled or 11 months from the last time they negotiated with their lender.”
AMP Capital Chief Economist Shane Oliver said mortgage holders could see “huge savings”.
“Obviously you have seen a massive increase, more than $10,000 from the low point but nevertheless that saving will be welcomed,” he said.
Economists have told 9News the Reserve Bank rate cuts expected this year could be delayed as inflation remains a concern.
“The debate at present isn’t so much around whether we will get rate cuts but when they will happen,” Oliver said.
“The concern is those rate cuts will be delayed to later this year or early next year.”
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