Mortgage Tips for Borrowers

Getting the most from your mortgage SwitchMyLoan on the Today Show

Interest rates are the lowest they’ve been since 1959

 

That’s right, with the RBA leaving the cash rate on hold for the last 15 months, it’s been a great time to review your mortgage to get the best deal.

Daniel discusses with Tim the best tips to make sure you’re getting the most from your mortgage.

Does your interest rate start with 5?

The competition amongst lenders has been heating up, with some lenders now offering rates below 5%. This presents a great time for borrowers to review their current home to make sure they’re on the most appropriate product.

How much I save by switching my loan?

For example on a typical mortgage of $300,000 over 25 years at a rate 5.20%, a reduction down to 4.80% presents savings of around $70 per week. Over the course of the year that’s approximately $839, and over the next 20 years, that’s $16,780!

How hard is it switch lenders? And what does it cost?

Since the abolition of early termination fees by lenders, the cost of getting from your lender has decreased. There are still some fees you need to consider such as discharge fees. Typically costs range from $300-$700 depending on your current lender and the lender that you’re moving too.

How can I find out if I’m paying too much?

The first thing borrowers should do is make an enquiry with their existing lender to make sure they’re on the best possible product. If you have no luck with your current lender, let SwitchMyLoan see if we can beat your current rate, and help you save more off your mortgage.

Make a free enquiry