We have experienced an incredible interest rate period in the Australian mortgage market since the covid outbreak and shut downs. With 14 interest rate increases from the RBA in recent times. These cash rate increases were of course all passed on by the banks and lenders to borrowers and repayments have continued to increase over this period.

For many current mortgage holders who remain on low fixed rates for the moment, the effects of these interest rate increases have not yet been realised, however when the time comes for the fixed rate expiry then selecting the best possible deal to suit your circumstances is important.

So how do you save on repaymments with your current loan? 

Here is a brief summmary of how we go about reviewing and ensuring you have the best available to you

The first step is to understand exactly what your balance and interest rate and repayments are currently, and if any short term adjustments are anticpated or likely

Secondly we establish where your current position sits in relation to the current market and seek to understand higher and lower interest rates in compariosn to your position

We review the value of your house and properties to understand the equity position you hold

Then we review the current available deals for you and complete a comparison report outlining benefits and most importabtly key savings on repayments

We have found that in many cases a saving of $5000 per year in reduced repayments in often achievable. One reason for this is when you commence with a lender, we ensure you have the most outstanding set up at that time, however the banks and lenders over time increase rates and fees on your accounts (they are in the business of making money) and so after 2 or 3 years in a current loan your rate and overall deal often slips down to being average to poor

In my experience, the banks and lenders are aware that customers typically dont bother to do anything about their loan accounts and therefore the banks can continue to increase rates and repayments, and make more money from you

We have been helping clients for over 20 years to ensure they have the best possible position and if this is something that you are interested in, please get in touch

We are here to help

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