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The end of 2022 has seen multiple rate rises occur, which has subsequently meant many Australians have turned to refinancing to ease mortgage pressure.
Our Synergy Business Finance team have been working closely with a number of our clients to review their current mortgages – with credible results achieved for our clients leading into Christmas this year.
Case 3
A new client approached us with a current loan commitment of $420,000. Their previous lender rate was 5.4%.
Our team reviewed a number of lenders, securing a new rate of 4.38%. During the application we also look at the duration of the loan and the roll-on effect this will have on the client's long term interest commitments and repayment figures.
“In this case, the loan was a little shorter. Meaning with both the rate reduction and term reduction, our client is paying less per month whilst also reducing the term of their loan by two years,” Synergy Business Finance Manager Brendan Philps said.
“Subsequently saving them 10’s of thousands of dollars in interest.” Brendan added.
Case 4
An existing client wished to review their current mortgage rate on an investment property. The refinance amount of $175,000 was currently lent on a 5.53% rate.
Our client felt it was the right time for them to reexplore the lending options available on the market through a broker to assist them in securing and structuring an updated loan to alleviate recent rate increase pressures.
“Our team secured a reduced rate of 4.84% for the client, while also extending the term of the loan back out to 30 years as part of the refinancing process,” Brendan said.
“In doing so, this client has had their monthly repayment amount reduced by over $200. Whilst also allowing for an extended repayment term.” Brendan added.
“We aimed to review both the loan rate as well as its structure I.e., the term to ensure both immediate but also long-term savings for the client are achieved where applicable.” Brendan added.
The strength of our finance team lies within their ability to understand the intricacies of a client's current lifestyle and long-term goals from the outset – meaning the refinancing result is the best solution for both immediate relief but also into the future.
If you’d like to discuss a review of your mortgage, feel free to contact our team.
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PHONE:
1300 324 588
info@synergybf.com.au
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