SYDNEY, June 17, 2013 /PRNewswire/ -- Independent mortgage broker network 1300 Home Loan has launched Australia's first free online home loan index which is set to revolutionise the home finance market by ranking lender home loan interest rates.
1300 Home Loan Managing Director John Kolenda said the Australian Lenders' Index provides consumers with the real picture of what lenders have historically been doing with interest rates.
"I can tell you that it has far less to do with what the Reserve Bank of Australia (RBA) does with interest rate movements than most people think," Mr Kolenda said.
"The Australian Lenders' Index contains the data that finally reveals the truth behind which of the major banks has been delivering the best rates over the past five years and allows consumers to make educated choices.
"This index is set to revolutionise the Australian home finance market and will enable mortgage holders to save tens of thousands of dollars over the life of their loan depending on which lender they choose.
"It will be the central source for ongoing real data in keeping lenders honest as we continue to track and report on exactly what rates major lenders are delivering and whether consumers are benefitting or getting ripped off."
Mr Kolenda said the Australian Lenders' Index data showed that blind loyalty towards a lender from consumers could be costing a consumer many thousands of dollars.
"Consumers and industry professionals thanks to this index will be able to see which of the major banks is really offering the best deals," he said. "The index will show not only which is the cheapest of the lenders today but which has been the cheapest over time.
"Using historical data sourced for many years and from various sources, the index can also show which lenders have passed on interest rate cuts in line with the RBA, how long they have taken to pass across rate reductions and many other trends."
The index is backed by years of data tracking lender behaviour. It has been independently audited and is available to professionals and consumers for free at www.australianlendersindex.com.au
Mr Kolenda said: "Consumers with an existing home loan who want to do a quick check of their position should also go to our website www.testyourloan.com.au. They can check to see how their loan compares to the best home loan in the market.
"Within minutes they will get a clear picture of how competitive or costly their loan has been compared to other lenders.
"1300 Home Loan is the only broker network with this data at its disposal and our brokers will be able to help consumers make a truly informed decision on the best product."
Mr Kolenda said while supporting consumers by promoting greater transparency and accountability across the industry, the Australian Lenders' Index also offered potential benefits for the domestic economy and the home finance sector.
"With an estimated national value of $40 billion, the home loan industry contributes five per cent to Australia's annual GDP," he said.
"Any small variance can have a widespread impact on the amount of money being spent in the economy and potentially be the difference between being able to buy a home or renting.
"From an industry point of view, the independent research offered via the index ensures total accountability over the long term and is a step forward in protecting the interests of borrowers."
ABOUT 1300 HOME LOAN
1300 Home Loan (www.1300homeloan.com.au) is Australia's first mortgage broker-owned home loan brand. The brand is an independent network of more than 200 of the most established, experienced, professional and successful local brokers in Australia. The network was founded by industry leader John Kolenda, founding partner and Sales Director of X Inc. Finance, and Executive Director of Loan Market Group.
www.1300homeloan.com.au
www.testyourloan.com.au
Victoria Phantharangsi
Level 14, 74 Castlereagh St Sydney NSW 2000
D +61 2 9248 6928
E victoria.p@finsure.com.au
