The Brisbane couple originally took out their mortgage with the Commonwealth Bank because it offered a competitive rate and allowed them to use a family guarantor to take the first steps on the property ladder, buying a three bedroom home in Annerley, Queensland.
They decided to look elsewhere after becoming unhappy with the interest rates and fees charged by CBA and they called Aussie Chapel Hill, who refinanced them with AMP.
“You don’t have to put up with the antics of banks or continue to dance with the devil,” Mr Billsborough said. “We saved around $500 initially but were still saving around $250 at the end compared to our initial Commonwealth Bank arrangement.”
Pre-empting the Reserve Bank’s moves on Melbourne Cup Day, when they lifted the official cash rate 0.25 per cent to 4.75 per cent, the couple decided a few weeks ago that it was time to have a free Home Loan Health Check with Aussie and Tom Mewing.
“I managed to find them a great deal with Bankwest, saving them $385 a month on repayments and $280 a month on their consolidated debts, which equals a combined $665 a month savings,” Mr Mewing said.
“You have to vote with your feet if you’re not happy because it does work,” Mr Billsborough said.
Mr Mewing said he has had a great deal of interest from new and old clients following the RBA move, and the CBA inflicting almost double the pain with its decision to lift 0.45 per cent.
“We’ve been extremely busy in the week since the rate rise, there is a lot of anger out there,” he said.
“Regardless, it’s always prudent to keep an eye on your financial needs to ensure your getting the most of out of your mortgage.”