Last updated on 21st December 2020

3 Ways To Master Your Mortgage And Save

When they refinance with us, our customers save an average of $3,531.96 annually.

Aussies Are Easily Saving Thousands On Their Loans With This Expert Site

The increasing value of property in Australia is the reason why our housing market is so competitive – it’s one of the safest investments in the world. But most people don’t realise they can take advantage of this increased value, and turn their biggest debt into an asset.

So why should you consider refinancing? We asked James Green, General Manager of RateComparison and 20+ year veteran of the Australian finance and property industry. This is what we learned.

  1. For a start, in terms of savings, it’s worth it. When they refinance with us, our customers save an average of $3,531.96 annually. Over a thirty-year loan that adds up to over $100,000 in savings. These savings are possible because lenders offer new and better offers to try to attract new customers.

    Meanwhile the banks slowly increase the rates of older customers, or leave then on an outdated and uncompetitive offer that becomes more expensive over time. This means that even if it’s only been two years since you took out your loan, there’s a good chance you can save.

  2. Here’s How You Do It:

    Step 1: Select your State below.
    Step 2: After answering a few questions, you will have the opportunity to compare competitive rates and could be eligible for significant savings.

  3. The next benefit is what you can do with the increased value of your home. It’s your investment, so why not make the accumulated value work for you? Refinancing can unlock this value, your equity.

    This can release cash for you to reinvest in a second property, to renovate or to spend on a holiday, new car or simply to spend enjoying your life.

  4. This last tip is great for cutting down on your monthly expenses. When you choose to refinance your mortgage, you actually have the ability to consolidate the debt from your credit cards and personal loans into your low-interest home loan.

    By doing so you can greatly reduce your gross monthly interest payments by avoiding the high interest rates on your credit card repayments and personal debt. It’s a clever and lesser known way to use the full potential of your loan.

If you’d like to find out what you could save and start making your home loan work for you, the first step is getting in touch with the team at RateComparison. With this free service you’ll get an experienced broker who’ll do all the legwork needed to kickstart your refinance without even having to leave the house.

Not only will they organise your home revaluation, they’ll help with all your paperwork, offer personalised advice and, when it comes to your new loan, negotiate for better terms on your behalf.

You’ll have the potential to save on your home loan with a lower rate, and better yet you can unlock the ability to turn your loan into an asset.

If you’re living in Australia, chances are your home is your biggest investment. To make that investment work for you and to start saving, talk to a broker from RateComparison today.

This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.