How to choose the best savings account for you
The Royal Commission into the banking sector has indirectly saved 32-year-old Brisbane truck driver Mat Brown around $30,000 on his home loan repayments, thanks to wise words of parental advice.
Mat was with one of Australia’s big banks, and had spent the last 8 years paying off a loan on his home at Camira, in Brisbane’s south-west.
Like all loving parents, Mat’s mum and dad always had an eye out for his best interests.
They were appalled by the stories they saw coming out of the Royal Commission, so they urged Mat to consider alternatives to the big bank he was with.
“The Royal Commission is why my parents told me to look at Heritage. I’d never even thought to check other bank’s interest rates, When you are with someone like that, you think you’re getting the best deal. They’re so big and powerful you assume you are getting the best deal - but it’s completely the opposite,” he said.
Mat was shocked but pleasantly surprised by just how much of a better deal he could get with a customer-owned bank.
“The loan was actually shorter, cheaper and I was paying less interest. I don’t know why I hadn’t done it sooner. Over the term of the loan I reckon I’m saving around $30,000.”
Matt has now switched his home loan and all his accounts over to Heritage.
He said people just did not seem to realise there was a viable alternative to the big banks that offered a better deal and a more satisfying banking experience.
“People don’t know any better. I would still be with the big bank if it wasn’t for mum pushing me to go and check it out. Sometimes you need a kick in the backside, and that’s what the Royal Commission has been
“I’ve definitely told a lot of people about what happened with me and how they can get a better deal."