Newsflash! It pays ($18,000) to refinance

Many Australians wouldn’t be able to tell you their current home loan interest rate, some are unaware they’re paying interest-only. And now, a recent analysis by Finder suggests that Aussies could be foregoing savings of $213 million a month by not looking for a lower rate.

Question

What percentage of home owners bothered to refinance last year?
JUST

3.63%

that’s only 210,815 households for the entire country!

The average homeowner stands to save as much as $18,000 over the life of their loan by moving to a sharper rate. With so many banks offering cash back/incentive offers ranging from $1,250 to $1,800 in value and potentially with a Christmas cash flow hangover there is no better time to refinance.

Courtesy of ME Bank, Original research by Finder.com.au.

2018-02-02T16:43:05+00:00