Should I refinance my HOME LOANS?
With the Federal Reserve dramatically dropping interest rates over the last 18 months, many people are considering refinancing.
And the majority of people are CHANGING LENDERS because they are offering more competitive rates.
Question – is it a good time for you?
Well, this will depend on a number of factors such as:
- your current interest rate
- current loan amount
- term of your loan
- value of your property
- fixed or variable
What are the benefits?
Do you know how many people know the interest rate they are currently paying?
LESS THAN 10%
…and the banks know this!
Do they ever ring you up and let you know that another bank is offering a more competitive rate????
NO !
So…….do you want more money in your pocket?
# |
Action |
Outcome |
| 1 | LOWER INTEREST RATE | More money in your pocket each month |
| 2 | LOWER MONTHLY REPAYMENTS | More money in your pocket each month |
| 3 | OPPORTUNITY TO CONSOLIDATE DEBT | More money in your pocket each month |
| 4 | REVIEW YOUR BANKING STRUCTURE | More money in your pocket each month |
| 5 | CONSIDER FIXING PART OF THE LOAN | More money in your pocket each month |
EXAMPLE OF A REFINANCE
Barry had been talking with a mate and found out his home loan interest rate was higher than his friends. He called up his bank and asked for his rate to be lowered, but they were not interested in helping him.
So he came to see me and we took his business to another lender. And we saved him:
$91,051 SAVED!
EXISTING LOAN |
NEW LOAN |
|
| % rate |
3.72% |
2.74% |
| Upfront fees |
0 |
0 |
| Annual fees |
$395 |
$350 |
| Loan Term |
25 years |
25 years |
| Monthly repayments |
$2,957 |
$2,654 |
| Total Payments |
$887,250 |
$796,199 |
If you would like to speak with our in-House broker, please contact her today:
Hellen O’Reilly
0403 498 966