Posted Under: Home Loans Posted On 25/08/2016
I know you’ve noticed too……. home loan rates have just kept coming down these last couple of years. With home loan rates now at their lowest ever, many home owners and investors are savings thousands of dollars by refinancing their home and investment loans.
As an example, Jenny has a $350,000 principal and interest, variable home loan. Her interest rate is currently 4.89% and her repayments are $1855.41 per month. By refinancing her loan to a 3.86% principal and interest, variable loan, Jenny’s repayments are reduced to $1642.84 per month. That is a monthly saving of $212.57, or a whopping $2550.84 annually!
If Jenny decided to keep her repayments at her current at the original amount of $1855.41 after refinancing, she would instead save a total of $52,047.69 interest over the life of the loan, and pay off her home loan 5 years and 9 months earlier!
Investors too have found that by refinancing, monthly savings can possibly turn a negative cash flow portfolio into a neutral or positive cash flow portfolio.
Because I know you are busy with work and family, and that you have had this on your ‘to do list’ for some time, let us do the work for you to see how much you could save.
Once we establish it is worthwhile to refinance, we can match you with one of the numerous lenders (including all the major banks) that we have available through The Loan House.
Call Mollie at A Counting House on 55261855 to discuss your situation and see how much you could save!