Do you know your exact Mortgage Rate?
Banks are looking for your business and offering great rates. However, many borrowers in the dark about their interest rate. Almost one third of all Australians have no idea what their mortgage interest rate is, according to a new survey.
The survey, conducted by Aussie, found a similar percentage of investors are also unaware of their interest rates, even as they seek to secure their financial future through property.
“This statistic is really worrying – People need to be constantly questioning their rate. It could be just by speaking to their broker about a simple mortgage health check to see how much they could save hundreds of dollars”
There is a real Battle of the Banks happening at the moment with even the 2nd(normally priced out of the market) making big in roads into the home loan business.
While the big banks are gunning for your home-loan business – waiving fees, boosting interest discounts on ‘package” loans, promising lower rates for loyalty and even paying for you to leave your existing lender.
Right now AssetZ Finance and Loans through its affiliation with Smartline Loans has access to 4.62 % fixed rates for 2 years while the variable rate is available at 4.69% – these rates are historically low and are very attractive. Just .5 % of a reduction on a $400,000 loan is an annual saving of $2000 – what is the combined value of your loans?
Just remember attractive as some of these deals sound, you should still do the math on the total cost of a loan and continue to shop around. This is the biggest advantage of using a mortgage professional, as they will do all the leg work for you and have answers to the ongoing costs, real comparison interest rates and any special conditions you should know about before you refinance.
Any advice provided in this publication should be considered General Advice as it does not take into account your personal needs and objectives or your financial circumstances. You should therefore consider these matters yourself before deciding whether the advice is appropriate for you and whether you should act upon it.