Aussie customers are filling their pockets with an average of $1,614 each year – just by switching to a better deal.
Today’s lending market is super competitive, and there are some great home loan deals up for grabs for new customers.
Recent data by Aussie revealed that customers who refinanced their home loan over the last two years slashed their home loan interest rate by an average of 0.66%.
On the average refinance loan size of $346,310, that’s a monthly saving on repayments of $134. Add it up over the course of a year, and these savvy Aussie customers are better off to the tune of $1,614 annually.
With the prospect of some very sweet savings, it can make refinancing a smart move.
Complacency will cost you
What’s really interesting is that Aussie customers who’d had the same loan for six or more years, recouped the biggest saving from refinancing, with a super-sized rate cut of 1.89%.
Even if you’ve had your loan for just four years, you could still cut 0.99% off the rate simply by switching to a new loan.
Better still, in markets like the Northern Territory and Western Australia, where property values have been challenging, Aussie customers have been able to lower their home loan interest rate by an average of 1.29% and 0.82% respectively.
With savings like these on the cards, it’s a strong reminder that complacency can be a serious drain on your wallet.
Your Aussie Broker makes it easy
If the hassle of refinancing is the stumbling block that’s seeing you stick with your current loan, set a date to speak with your Aussie Broker.
We don’t just compare thousands of loans to make sure your home loan is still competitive and right for your needs, we also take care of the paperwork.
It makes a visit to your Aussie Broker a no-brainer to see if you could start saving on your home loan and put money back into your pocket – instead of your lender’s.