John Symond recently spoke to the hosts of radio show Mamamia Today to answer some good questions they had about property.
Why should people go to the trouble of reviewing their home loan?
Firstly, to save money. By refinancing you can take advantage of the current market and could find a better deal. Moving to a lower interest rate and keeping the same loan term gives you two ways to save. You save in the short-term by paying lower monthly repayments and you can save in the long-term by paying less overall interest.
The other good reason is pay off your loan sooner. By getting a lower interest rate it means you can pay what you currently pay each month but could reduce the term of the loan and this means saving of interest. The market has changed a lot in the last few years and the home loan you currently have may not be the right one for you.
So don’t be afraid to ask for a better deal it could save you thousands!
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