LATEST INSIGHTS
After ten consecutive months of rate rises, Australian’s have turned to refinancing to ease financial pressures.
Our Synergy Business Finance team have been reviewing a number of mortgages for our clients of late – here is a recap of some of the recent results the team have been able to achieve.
Case 5
Recently, our team were able to secure a rate reduction of 1.03% for a client with a mid-range interest rate with their current lender.
Whilst this may seem modest, a $500,000 mortgage with a 25-year term at 6.29% equates to monthly repayments of $3,311. While a 5.29% rate on the same mortgage terms brings the monthly repayments down to $3,008.
“It may not seem excessive in terms of percentage savings, however with the total loan amount this client was able to make comfortable savings week to week on their mortgage repayments” Synergy Business Finance Director Brendan Philp said.
“This money saved now provides extra funding for our client to explore other investments” Brendan added.
Case 6
“With more Australian’s looking to take positive action by reviewing their home loans – lenders are fighting harder for the refinance market to retain their customers” Brendan said.
“In working with a mortgage broker, savings can be made through assessing multiple lender’s offers on your behalf” Brendan added.
Recently, a client approached us with multiple current loans against their property. Simultaneously, we were able to reduce both rates to the more competitive rate the lender was offering new clientele.
Through assessing both loans, we were able to save .20% on one loan, and .90% on the other. An accumulated saving of 1.01% month on month.
With variable rate mortgages inevitably becoming less competitive over time, discussing refinancing regularly is an optimal way for Australians to find week to week savings.
If you’d like to discuss a review of your mortgage, feel free to contact our team.
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