Raising children as a single mum is no easy matter. Throw in a home loan with a high rate and the challenge becomes even harder.
That was the situation Joanne Miller faced when she purchased a home of her own following the break-up of her marriage. Her loan had a rate of 5.84% but with only a part-time job, plenty of lenders knocked her back for a more affordable loan.
That all changed when Joanne landed full-time work earlier this year. Hopeful that she would be in a better position to cut the cost of her repayments, Jo got in touch with her local Aussie Broker. It turned out to be a smart move.
“With teenage boys and a full time job, I didn’t have time to visit different banks,” says Jo. “My Aussie Broker came over to my place for a meeting after work, and we talked through my loan options.”
“It’s made a big difference”
When her broker explained that Jo would qualify for a loan with a rate of 3.59%, a huge weight was lifted from her shoulders. “Refinancing my home loan has cut $525 from my monthly repayments – that’s a saving of $6,300 each year,” says Jo. “It’s made a big difference to me and my kids.”
Even better, the whole process of refinancing turned out to be very straightforward. “Actually my broker did all the work for me,” recalls Jo. “He filled out the loan application and dropped it into work when the paperwork was ready to be signed. It was a lot easier than if I had tried to do it myself.”
Jo’s advice to anyone thinking of refinancing? “It’s really important to find someone you click with, I really built a sense of trust with my Aussie Broker. He made everything so easy and that’s what we all want in life.”
Talk to your Aussie Broker to know if refinancing is the right move for you.
You may also be interested in: Why refinancing was the best decision I made, Home loan serviceability – better now than in 2005! and Is now a good time to go with a fixed interest rate?