Why should I refinance?
Many people hear the word “refinancing” and run for the hills. Contrary to what many think, it’s actually not always a negative thing. By refinancing, you could potentially save thousands upon thousands of dollars.
In Australia today, lenders are constantly trying to outdo one another to attract more customers and sharpen their pencils, especially if they think there’s a chance of losing a customer. In other words, there’s no better time than now to re-look at what you’re paying for your mortgage and see if there is an opportunity for you to cut corners and save, save, save.
Unfortunately, there’s a harsh reality every homeowner needs to accept: Banks do NOT reward clients for their loyalty. If you think your loyalty to your bank was indeed saving you money, you thought wrong. Sure, clever advertising gives bankers the impression that they’re getting a better deal by sticking with them, but unfortunately, blind loyalty could see you losing more money. Refinancing will help you save more, and failure to switch could mean failure to save.
Did you know that close to 25% of Australians keep their mortgage with the same bank they used as a child?
Stubbornness when it comes to switching could be costing you thousands. Loyal homeowners pay an average of 4.5% interest when compared with the 4.3% paid by homeowners who make the smart choice to move to a new lender. Don’t forget Australian banks do NOT reward loyalty, and the only way to start saving is to start switching.
If you’d like to find a loan that suits your individual circumstances please, get in touch with us.
Disclaimer: The information contained on this web site is general in nature and does not take into account your personal financial situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
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