One in three home-loan customers could be costing themselves thousands of dollars by failing to ensure they are getting a competitive rate, new figures released by Galaxy Research show.
A third of mortgagors have taken no action on their home loan in the last five years, Galaxy reveals. There is no doubt this is hurting home loan holders.
As of 15th April 2016, variable interest rates for owner occupied loans now range from 3.99%pa - 4.35%.
Fixed interest rates are still outstanding. It is still possible to get a 3 year fixed rate for less than 4.00%pa. Structured with a good variable rate loan a home loan holder could be taking full advantage of cheap rates and excellent flexilbility.
Getting a home loan is one of the most important part of peoples lives at the time they do it, but once set is soon forgotten about and life moves on. Sound familiar? People don't realise that a lender might have once offered a terrific product/rate but over time their pricing has changed leaving the client on a more expensive rate.
I quick phone call with Mortgage Choice in Gymea can give you an excellent idea of what you can achieve.
While you're making the effort, it's also worth speaking with Mortgage Choice Financial Planner Adam Niewidok. Adam can do a complimentary review of your position and offer suggestions on the best way to achieve your financial goals.
For a full financial services check, call Ben Herden and the team at Mortgage Choice on 02 9525 4544