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Too loyal or time-poor for a better rate

05.02.2020 11:40 Comment(s) By Anita Song

Too loyal or time-poor for a better rate? Problem solved

Finance can be so tedious. With a new month, comes another rate cut but this means that you can save more money. Matters of personal finance may be presumed so dull and/or difficult that they are immediately filed in the too-hard basket and people are often slugged with a 'lazy tax' - the price paid for staying put.
Sometimes being too loyal with the current lender and lack of time can be squandering for you.
A 2018 Australian Competition and Consumer Commission (ACCC) report showed that new borrowers with an average-sized residential mortgage paid up to $850 less a year in interest than existing borrowers with the same lender.
However, despite the apparent benefits, actively ensuring an interest rate remains suitable is a practice that continues to elude many.
How can we assist you in the process?

We play a vital role in assisting borrowers through the process of ensuring their mortgage is competitive. Just chasing a lower interest rate won’t be enough, you need to consider the entire lifespan of the loan, not just the headline interest rate. When approaching another lender, we help you present the best financial picture of yourself to them. We are just a phone call away and are ready to guide you through the task of refinancing your loan. 

It is important to carefully budget your repayments against fluctuating interest rates over the life of your loan. Our easy-to-use Loan Repayment Calculator helps you crunch the numbers so you can prepare for repayments and get on top of your money to secure your financial future. Our repayment calculator helps borrowers find how much interest and time can be saved if they make 1/2 or 1/4 of monthly repayments every two weeks or one week, take a look at how you could best utilise this powerful tool.
Loan Repayment Calculator
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