Penrith home owners could be throwing money away

June 27, 2017
Paul Holland

Penrith home owners could be wasting bucket loads of cash simply by failing to review their home loan says Penrith mortgage broker - Paul Holland.

A recent survey by ME Bank confirms that 90% of Australians love a bargain. No surprises there, after all, who wants to pay more than necessary for anything? And it turns out we go to great lengths to score a good deal, taking the time to compare price on things like travel and electronics, and reviewing phone or power contracts.

But only six out of ten people compare their home loan.

That’s crazy because even a small saving on a loan interest rate can put money back in your hip pocket.

The savings can stack up

Let’s crunch some numbers to see what sort of savings Penrith home owners could enjoy by shopping around for a home loan.

On a home loan in Penrith of, say, $400,000, switching to a new loan with a 1% cheaper rate, can see you save $130 each month on loan repayments - and save more than $35,000 in interest charges over the life of the loan.

Is this sort of rate saving realistic? Definitely. There is a massive range in home loan interest rates at present and you need to be sure your Penrith home loan comes in at the “good value” end of the spectrum.

With big savings up for grabs, it’s definitely worth talking to my team of Penrith home loan specialists to see if your loan continues to be competitive. We have access to over 20 different lenders, and I can let you know in just a matter of minutes if you’re paying more than necessary.

Start saving today

A little extra cash always comes in handy, and the simple step of reviewing your home loan today can make a valuable difference to your household finances. Best of all, a home loan review by my team at Mortgage Choice in Penrith costs nothing.

Don’t be like 74% of borrowers who just assume they have a good home loan rate. Find out for sure, and stop throwing money away.  Call me, Paul Holland on today on 02 4789 0808. Or drop in and see me at our office in Nepean Village shopping centre.

Posted in: Refinancing

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