Are Australians paying way more for their Home Mortgage Loan?
I am constantly amazed that most Australians are paying way more for their home mortgage than needed. This is often just a case of being too busy to regularly review their interest rates.
One recent article from Daily Telegraph confirms this, as one in three home loan customers don’t do much research before committing to a new mortgage and only 17% are interested in better interest rates but don’t know how or where to find them.
In Australia, it’s not difficult to find the best home loan rates, and most new home loans are written with the help of a mortgage broker. With access to many of the home loans in the market and the knowledge and skill to ensure that they are finding one that is tailored to your personal circumstances, a good broker will ensure that you get the lowest home loan rates, affordable monthly repayment, and great service as well.
Mortgage Broker Clients can talk to a local finance broker to find out what the best home loan deals available in the market. This way, they can make home loan rates comparison effectively, and evaluate which home loan deal suits their short term and long-term goals. In the end, we all want to reduce our home loans quicker and pay less interest.
Yes, refinancing your home loan is a great way to save interest as many lenders have some very attractive home loan rates for new clients, and these can provide significant incentives for moving banks.
A broker can assist you with the process of refinancing your mortgage and provide you with a detailed loan comparison for you to ensure that you are going to be much better off after the refinance. Some banks will even cover the changeover costs, which are relatively small these days.
If you are unsure if you are paying more for your home loan than you should, speak with a Loan Wize Mortgage Broker today and they can review your loan, provide you with a detailed comparison quote and ultimately save you money.
NB: If your loan is at a fixed rate, you may have some early repayment costs to consider when reviewing a refinance option, so it may pay to obtain a payout quote first.
At Loan Wize, we believe that is a good idea to review your home loan at least every three years to ensure that you are still receiving a great deal from your bank. And if you are not getting a great deal, Jon or Tammy can help you refinance into a better one.