Your bank appreciates your loyalty, but is that loyalty costing you hundreds in home loan fees? Cash rates are currently at a record low, but many banks aren’t passing the savings onto loyal customers.
With some lenders offering interest rates under 2%, you may be seriously overpaying on your home loan, both in terms of money and time.
By refinancing with another lender with lower interest rates, you could save money and pay off your home loan nearly a decade earlier. Isn’t that the kind of financial freedom what every Australian wants?
Australia, not to mention the rest of the world, has been heavily impacted by the global coronavirus pandemic. As a result, many people are having to stretch their finances further, but that doesn’t seem to matter for some banks.
The Australian Bureau of Statistics* (ABS) has said that housing stress is a household that spends more than 30% of its gross income on housing.
Even if this amount is manageable, it may feel as though the money is just going into a hole, as the interest on your loan keeps gobbling up a large portion of your monthly repayments.
According to a Home Loans Australia spokesperson**, “We found with an average mortgage of $450,000, if we saved customers $500 in interest each month by refinancing their mortgage, but they kept making the same monthly repayment amount, they could pay off their mortgage more than 9 years sooner.”
While the idea of refinancing may sound difficult, Home Loans Australia is here to help and guide you through every step of the process. We compare over 40 lenders to help you find a better interest rate, so any money you pay back into your home loan will make a significant impact.
The process of comparing rates and refinancing with Home Loans Australia only takes around 30 minutes but it can shave years off the life of your loan.
Find a Home Loan That Works For You!
Whether you feel trapped by high interest fixed or variable home loans, want to take advantage of the current historically low interest rates, or simply want to pay off your mortgage sooner, refinancing could be your route to financial freedom.
Half an hour getting together required information is all you need to kickstart refinancing and find the right provider for you. Those 30 minutes can save you years of repayments.
What are you waiting for? Find a home loan with a competitive interest rate and save time and money.
*Australian Institute of Health and Welfare, Housing Affordability, released 30th June, 2021.
**Your Life Choices, podcast about housing, accessed 1st September, 2021.