Refinance & Save

As much as we would all like to think that our bank is always going to do the best thing by us the unfortunate part of life is they often fail to inform us when we are paying too much on our home loans. On so many occasions we buy into the initial rate which looks fantastic, and it is great for the first couple of years. Once the initial interest rate has expired, your loan will generally revert to the standard varibale rate. It is at this point you would think that your bank would ring you and let you know that you are paying too much and change your loan back onto a compedative variable rate. This, so often is unfortunately not the case.

Below is a simple illustration as to how much extra it could cost you over a 30 year loan term if you don't keep your bank on it's toes.

This is what we do. In this case we could save you over $50000 during the term of your loan.

Product set 1 is the higher standard variable rate

Product Set 2 is the same banks ongoing discounted rate.

Main Points to note

Save $164.10/month difference in the repayment

Overall savings over loan term $57107.09  

To further compound your potential savings. If you continued to pay the higher repayment on the lower interest rate you would save $167137.54 over a 30 year term.

 

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