Pssst; want to save some serious money?
How long have you had your home loan? When was the last time that you checked the interest rate that you are being charged? Never thought about refinancing, heres’ why you should.
A standard variable rate home loan is being charged 4.39% (comparison rate 4.49%). We have a 3 year fixed rate loan available at 2.19% (comparison rate 3.15%) - with full offset.
How much could making the switch save you?
Existing loan:
| Balance Owing | $300,000 |
| Remaining term | 26 years |
| Interest rate | 4.39% |
| Monthly repayments | $1,614.06 |
| Annual repayments | $19,368.72 |
| Total repayments | $503,586.72 |
Using our new loan:
| Balance Owing | $300,000 |
| Remaining term | 26 years |
| Interest rate | 2.19% |
| Monthly repayments | $1,261.98 |
| Annual repayments | $15,143.76 |
| Total repayments | $393,737.76 |
You save $109,848.96 OR keep the payments the same and you save 7 years and 1 month of repayments.
Of course, there may be some costs in refinancing, but many lenders offer a rebate to cover these. Other things to consider:
- Are you eligible for the 2.19% offer?
- Will the rate difference remain the same over the life of the loan?
- Are you looking to sell and buy a new property in the future?
Spend some time with a professional mortgage specialist and we will work through these questions and others to check if your existing loan is suitable and is best for you. They will also advise you on the best refinance options if a change is in your interests.
Call us today on 1800 734 346 to arrange a no obligation consultation.
The above is general in nature and does not take into account your personal circumstances and position.