It's fine as it is.
You wait 7 levels for it to come online, and then you, as a paladin, are rewarded by an ability that helps your whole party. That's the best outcome possible.
No one is incentivized to do a max CHA build, and (with point buy) I think it would be rare for a charisma to be above 16 even at level 8 -- there's too much incentive to use str or dex, for every round of combat in those first seven levels.
Sure, there are now great ways to do a charisma build (dipping warlock for a level or two, using True Strike but then foregoing Extra Attack), but all of those postpone the save payoff from the aura.
We want abilities that encourage teamwork, and they should always be just a bit more effective than ones that only benefit one's self, IMO.