One of the key outcomes from the Royal Commission is that existing Bank customers are not being rewarded for their loyalty, with the big four banks being called out by the ACCC for offering home loan discounts to new customers but not existing ones.
It is important to realise that refinancing your loan at the right time can not only lower your monthly payments and help with your monthly budget, but it can also save you thousands of dollars in the long run. On top of this, refinancing you loan offers the opportunity to tap into new features such as offset accounts and the ability to have your salary paid directly into the loan.
If you have some compelling reasons to refinance, such as your current interest rate is too high or you'd like to renovate or consolidate some debt, but you're still unsure whether to hit the trigger switch - then complete the form below and get a home loan review, to see how much you could save.
Let's say your current mortgage is $600,000 with a rate of 4.50% p.a. Your estimated monthly payments are $3,040.11, and you will pay $494,440.27 in interest over the total 30 years loan period. If you drop your home loan to a rate of 3.64% p.a, your monthly payments would be $2,741.38, and you would save of $298.73 per month. Over the course of 30 years, you’d save $107, 542.
Devoting 15 minutes of your time to reviewing your home loan on an annual basis could save you thousands of dollars, or at the very least, offer you peace of mind that your existing home loan is still meeting your financial goals. Our home loan specialists will be able to demonstrate: