Switch your loan, save up and go shopping!

Switch your loan, save up and go shopping!

Switch your loan, save up and go shopping!

Switch. Save. Shop. 

Australian homebuyers refinance their mortgages because they want to save money on fees and charges, consolidate outstanding debts, access equity for home improvements, get on a cheaper interest rate and save thousands!

Below is a typical example of how refinancing with a cheaper interest rate and lesser fees could help you save.

This based on an average of a $400,000 loan amount on a 30-year term.

The table shows the comparison of standard variable rate at 5.80% and 4.80% for the discounted rate. 

Loan Amount

Standard Variable Rate

Monthly Repayment

1 Year

Total Interest Paid (30 Years)

$400,000

5.80%*

$2,347.01

$28,164.12

$444,924.37

4.80%*

$2,098.66

$25,183.92

$355,518.11

 

Rate discount

Savings per month

Savings per year

Savings in 30 Years

Savings

1.00%

$248.35

$2,980.20

$89,406.26

Note that variable interest rates are subject to change.

As the above table shows, you could potentially save up to $248.35 per month which means $89,406.26 over the life of the loan!

This simply goes to show just how much difference merely 1.00% can make.

Imagine the things you could do with this projected amount of savings.

Below is a list of things to consider in today’s terms!

  1. Make additional payments towards your home loan.
  2. Purchase a brand new car.
  3. Buy a nice boat.
  4. Build a swimming pool in your backyard.
  5. Go on a cruise.
  6. Go sky diving.
  7. Invest or buy stocks.
  8. Set up a new small business.
  9. Pay off other outstanding debts.
  10. Use the savings for a 2nd investment property!

Call 1300 307 155 and start saving today!

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