Sherlok’s Latest Report: Homeowners Get Interest Rate Cuts Without Waiting for the RBA to Cut Rates, Saving as much as $34,000 in annual interest.
Sherlok, Australia’s leading mortgage broker retention platform, has today launched its Home Loan Interest Insights Report: November 2024, offering a game-changing perspective on home loan savings. The report reveals that Australians can achieve significant savings right now by repricing their home loans through their broker, rather than waiting for the Reserve Bank of Australia (RBA) to adjust interest rates.
Key Findings:
• Massive Savings Unlocked: In 2024, Australian mortgage brokers using Sherlok’s AI repricing technology saved clients a total of $84.5 million in interest costs, averaging $972 in annual savings per homeowner. Thousands of clients realised savings of more than $10,000 a year with one client savings over $34,0000.
• Opportunities for Fixed-Rate Borrowers: Homeowners coming off fixed-rate terms achieved reductions of over 1%, highlighting the importance of timely rate reviews. • The highest rate cut delivered in 2024 was an incredible 3.63%, thats the equivalent of 15 RBA rate cuts.
• Simple, Seamless Process: Repricing allows homeowners to stay with their current lender while reducing their interest rate, bypassing the lengthy and often complex refinancing process.
Industry Insights:
Adam Grocke, CEO of Sherlok, highlighted the importance of taking immediate action:
"Australians don’t need to wait for the RBA to make a move. Brokers have the tools to help clients secure significant savings today by repricing their loans with their current lender. Our latest report shows how brokers are delivering real financial benefits to Australians, putting money back in their pockets when they need it most. Furthermore, brokers connecting clients to Sherlok RateTraker (powered by open banking) now get alerted when the rate is too high so that can deliver immediate savings to their clients"
‘The data clearly shows that if clients don’t monitor their interest rates, they are highly likely to be taken advantage of by their current lender and end up paying too much interest”
Rehan D’Almeida, CEO of FinTech Australia, praised Sherlok’s contribution to the lending industry:
"Sherlok’s report clearly shows why the Consumer Data Right is vital for Australia’s lending industry. It demonstrates how consumers are punished for their loyalty when it comes to lending. Crucially, it shows how further integration of the CDR in this industry could have real cost-of-living implications for mortgage holders. We commend Sherlok for bringing such a key consumer issue to light."
Why Repricing Matters Now
The report identifies that many Australian homeowners are still paying uncompetitive rates simply because they’re unaware of their options. Sherlok’s repricing automation and AI driven tools empower brokers to proactively identify these opportunities, ensuring their clients benefit from lower rates without switching lenders.
This report not only reinforces the value mortgage brokers bring to Australians but also demonstrates Sherlok’s commitment to leveraging technology to improve financial outcomes for homeowners.
About Sherlok
Sherlok is Australia’s leading retention platform for mortgage brokers, combining AI, data insights, and automation to help brokers retain clients for life. With tools like Sherlok RateTraker, homeowners can ensure their interest rates remain competitive while brokers deliver meaningful savings.
