August 01, 2016
The biggest mistake a mortgage holder can make is loyalty - sticking with their lender because that's who they've always banked with.
I've heard this called the "Lazy Tax" which describes the situation absolutely perfectly. Despite some smaller lenders offering fully-featured owner occupied loans of around 3.79%pa as of August 2016 people are still sticking with their more expensive lender because "that's where I've banked since I was a kid". They also think it's too hard. It's not - we make it easy for you by following a few simple steps
1. Compare your loan with others available on the market.
2. Calculate the savings compared with any exit costs from the existing lender.
If you have a variable rate loan chances are there the costs will be minimal. If the savings aren't worth the cost, happy days - you're still on the right track!
3. Ensure the loan features suit your financial goals.
This might include a small loan increase for home improvements, consolidating more expensive credit card debt or even starting to build an investment property portfolio. This can be coupled with a complimentary financial planning meeting to really make the most of your finances.
It really is easy to save money on your home loan. Call Mortgage Choice in Gymea on 02 9525 4544 for a free review.