One in three mortgage holders will look to switch lenders when exit fees are relaxed, new research has found.
A poll by PRDnationwide found 36 per cent of respondents want to change lenders while a further 17 per cent remained unsure.
PRDnationwide research director Aaron Maskrey said record numbers of borrowers are looking to refinance, thanks to the publicity surrounding the Federal Government's proposed banking reforms.
“It’s a great time for home owners to see if they can secure themselves a better deal,” she said.
“In some cases property owners can save hundreds of dollars per month by shopping around for a new lender.”
Treasurer Wayne Swan's ban on exit fees is proposed to take effect from July 1 this year.
Mr Maskrey said with more interest rate hikes expected in the next 12 months, it’s crunch time for many home buyers struggling to meet mortgage repayments.
“While there is no quick fix to reducing debt, getting a lower interest rate by refinancing could ease the strain,” he said.