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It is a fact that many people are paying
a higher home loan interest rate than they need too. How long has
it been since you conducted a checkup on your home loan? Do you
know that there are lenders out there who will discount your home
loan interest rate by up to 0.80% for simply earning a certain income
or for being in a certain occupation? There are even lenders who
will discount your interest rate by 0.70% just for having a loan
amount of more than $250,000. These discounts, which are known as
professional loan packages, might save you substantial amounts of
money.
If you are paying off a $250,000 standard variable
rate home loan off over 30 years, a discount of 0.70% p.a. off the
interest rate could cut your monthly repayment by $113 and save you $40,783 over
30 years (based on a comparison of a home loan at a standard variable
rate of 6.50% p.a. with a discounted home loan at 5.80% p.a.).
Or do you have a number of debts, including a
home loan, that you are finding hard to manage? It may be in your
best interests to consolidate your personal debts into your home
loan to reduce your total monthly outgoings.
If you think that you are paying too much on your
current home loan, or if you are simply unhappy with your current
lender, we can help you determine whether it will be beneficial
for you to refinance to another loan. Although you may find a cheaper
interest rate elsewhere, other factors, such as the costs that may
be involved in refinancing, need to be considered. The costs that
you may incur include:
- Early repayment penalty charged by current lender
- Discharge fee charged by current lender
- Application fee charged by new lender
- Mortgage deregistration and registration fees
charged by the state governments
On many occassions these costs can be recouped
with the interest savings within the 1st year.
To determine whether you may be able to save money
by refinancing your current home loan please input the details of
your current loan in the form on our FREE
HOME LOAN CHECKUP page. We will get back to you and let
you know whether refinancing your loan will save you money. If you
do decide to refinance we will do all the work for you in arranging
the change of lender.
If you have already decided you wish to refinance
your current home loan please apply
online by entering your details into our secure APPLY
ONLINE - REFINANCE web form.
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