Home loan rates are the lowest they have ever been, and unfortunately most of us don’t review our rates and options regularly enough to take advantage of the competitive rates that are on offer.
Banks and Lenders are competing for your business, so its always in your ‘best interest’ to shop around.
To give you an idea of the savings, we have completed a comparison of a client with a home loan of $500,000 with an interest rate of 3.5%. Monthly repayments are $2,245.
Shopping around and re-financing to a better rate of 2.5% provides a monthly saving of $270.
If our client continues to pay the $270 saving into the new loan every month and we look at the long term benefits of this simple change, the client saves $38,446* in interest and reduced their loan term to 25 years.
Give us a call on 1300 49 11 41 if you would like to start saving money.
*Comparisons were prepared using the MoneySmart website.
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