Refinance your home loan
Refinance your Home Loan
A recent survey found that 45% of had never refinanced their home loans. To refinance your home loan you could save an average of $240 per month or $2880 per year by refinancing.
Refinance your home loan survey facts.
- 1 in 3 home owners don’t know what their home loan interest rate they are paying, are you one that doesn’t know? The decision to refinance should not be based on rate only. As finance specialists Channel Direct will consider your individual circumstances.
- 54% of respondents claim they are happy with their current lender, consequently they only receive information from their lender.
The market is competitive therefore you could be missing out on a more competitive rate. It is not all about rate. Many lenders have loans with added features such as offset accounts and redraw.
- 24% claim it was to difficult to find time to complete the paperwork.This is where your finance specialist can help and do the research and process the paperwork for you.
- 13% Think it will cost to much to change Exit fees were banned for loans originated after 30th June 2011. If your loan was settled prior to 30th June 2011 then you may have exit fees.
Your finance specialist can help with this and then advise if refinancing will be of benefit to you.
- 9% thing it is to hard to compare loan.
This is the where the expertise of Channel Direct can help as we have access to over 30 lenders and their many products. Your current lender has only their products to offer.
What are the benefits?
We have plugged some numbers and based on the average mortgage of $380,320 at an average interest rate of 5.22% If you refinanced today at 4.64% you would save $134 per month.
These savings could provide much needed financial breathing space or use the savings to reduce the term of the new loan.