Sticking with your current home loan may be the easy option but new research shows it could be costing you dearly.
In the ever-changing mortgage market, there is always something new coming to the table. So even if you feel comfortable with your current home loan, it pays not to be complacent. A recent study shows loyalty doesn’t always pay – especially when it comes to financial products like home loans.
Rate savings aplenty…but often only for new customers
According to the research, while the Reserve Bank cut the official cash rate twice in 2015 - lowering rates by a total of 0.5%, some lenders have been more willing than others to pass rate cuts onto their home loan customers.
In fact, a number of home loan lenders have lowered their mortgage rates by as much as 0.45%. On a $300,000, 30-year loan, that’s a saving of $81 each month.
But here’s the catch. Many of these cracking deals are only available for new customers.
It can feel like a slap in the face for loyal customers, but you don’t have to sit back and cop it.
To discover if your home loan lender is holding back on rate savings, pick up the phone and contact my office today on 02 9541 1977. I can review your current loan and see how it compares to some of the best deals on the market.
More than just potential rate savings
Refinancing doesn’t just open the door to possible rate savings. It can help you achieve personal goals especially if you are planning key projects like a home renovation, investing in property, or even buying a new car.
Or, refinancing to a new home loan can mean accessing features that can help you to pay off the loan sooner or simply make your mortgage easier to live with.
The beauty of speaking to Mortgage Choice in Menai about a home loan refinance is that I make the process easy. My job is to do the legwork finding the right loan for your needs, and manage your loan application on your behalf right through to settlement.
I make the entire process hassle-free for you, the home owner.
Call me, Phil Wheatley at Mortgage Choice Menai, today to know if a home loan refinance is the right decision for your needs. You can reach me on 02 9541 1977 or 0431 415 311 - I’m available to help seven days a week.
 RateCity media release: Why loyalty to your bank doesn’t always pay, 19 January 2016