Is your bank charging you more because you’re a Queenslander?

first_imgThose in Blues territory have much to celebrate given the preferential rates given to them by major banks.SHOCK new research claims Queenslanders are being charged more on their mortgages than New South Wales’ homebuyers, with half the Big Four banks among the major culprits. The year-long analysis by mortgage marketplace HashChing analysed home loan rates offered by 11 of the largest lenders in the country with one Big Four bank in particular named and shamed.“The biggest discrepancy was found with ANZ, whose rates differed by 39.57 basis points between the two states,” HashChing found. “This difference means Queenslanders who bank with ANZ are paying nearly two thousand dollars more for their mortgages per year than their NSW counterparts.”ANZ, Bankwest and AMP were the lenders named for having the biggest discrepancy between interest rates offered to NSW buyers versus those in Queensland. The ANZ discrepancy in rates added up to nearly $2000 more in mortgage costs for QLD compared to NSW buyers. Picture: AAP Image/Julian Smith. FORMER ORIGIN STAR STILL KICKING GOALS IN 2018 RAFTER COUNTRY: HOW PROPERTY FULFILLED A CHAMPION FAMILY GET THE COURIER-MAIL’S REAL ESTATE NEWS FREE & DIRECT TO INBOX The calculations were based on the national average Australian home loan size of $500,400 with the data covering March last year to April this year.ING, Macquarie and Suncorp were lenders that were named for having the most similar rates between borrowers in both states.HashChing chief executive Mandeep Sodhi said buyers that were paying higher interest rates than what was listed in the study should renegotiate.“You could easily shave hundreds of dollars off your monthly mortgage payment.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 10:02Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -10:02 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenJune, 2018: Liz Tilley talks prestige property10:02 MARGOT ROBBIE’S SECRET WEDDING ESTATE FOR SALE NRL TITANS OWNERS MADE MILLIONS SELLING NSW PROPERTY The average rate being charged by ANZ to NSW customers was 3.9753 per cent according to the study, while for QLD that rose to 4.371 per cent.Commonwealth Bank also charged those in the Sunshine State (3.96 per cent) more than homeowners in NSW (3.87 per cent).More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThe other big two banks charged Queenslanders lower rates than NSW on average: NAB was 3.9858 per cent for NSW and 3.85 per cent for QLD. Westpac was 3.9358 per cent for the southerners and 3.8562 per cent for those in the Sunshine State.There was a bright spot for those who already have home loans, with Queenslanders getting a better rate on average refinancing than NSW owners. FOLLOW SOPHIE FOSTER ON FACEBOOK AVERAGE RATES BY LENDER: AMP — NSW 3.8208% QLD 4.0325%ANZ — NSW 3.9753% QLD 4.371%Bank Of Queensland — NSW 3.85% QLD 3.99%Bankwest — NSW 3.994% QLD 4.274%Commonwealth Bank — NSW 3.87% QLD 3.96%ING — NSW 3.8291% QLD 3.8011%Macquarie — NSW 3.8107% QLD 3.79%Me Bank — NSW 3.9025% QLD 4.049%NAB — NSW 3.9858% QLD 3.85%St George Bank — NSW 4.0365% QLD 3.8765%Suncorp — NSW 3.8373% QLD 3.76%Westpac — NSW 3.9358% QLD 3.8562%. (Source: HashChing)last_img read more