How long has it been since you checked your home loan to find out what interest rate you are currently on ?
Would your bank tell you if there is a better deal available with another lender?
How long has it been since you have checked to see if you could be getting a lower interest rate on your home loan ? We do see a lot of new clients who have had a home loan in place with the same bank for some time and are only getting standard discounts on their home loan.
If you have your home loan with a major bank, especially through the branch channel, you could find you may be missing out on much better rates. This could be costing you thousands over the term of your home loan ! You might also be able to get a home loan with similar features with lower ongoing fees ? You may also be able to find a mortgage with better features which may help pay off your home loan faster !
We have access to over 30 lenders and 800 home loan options
We have special software that can do you comparison to see if we can save you some money. The great news is currently there are several lenders offering cash back to win your business to help cover the costs of refinancing to make it worth your while.
We also find there can be differences in what each of the banks will use as an estimate for the value of your property.
Generally when you are looking top up your home loan for improvements or do an equity release to assist with a property purchase the bank will want a valuation to confirm what equity you have to play with. Some banks just do whats called a modeled estimate valuation which is basically just an electronic assessment taking into consideration properties recently sold with similar characteristics i.e number of bedrooms, bathrooms and size of the block.
What this doesn’t take into consideration is any improvements you have made to the property which can be a significant difference to the valuation. For example if you have renovated the bathrooms and kitchen and added an in-ground pool, a modeled assessment valuation would miss all of this. As your mortgage broker we would work with banks that would do a full valuation to ensure you can capitalise on the full equity on your property. This can also save you in mortgage insurance which could be a significant saving. We can also look to do a few valuations through different banks which will give you more than one option to consider even before submitting an application to the bank.
On an average home loan of $450,000 if we save you even 0.25% per year that is eqiulvanet to $1,250 per year. This adds up to a be lot over the life of you home loan. This can help contribute towards your holiday each year or put into your home improvements ! We certainly prefer the savings in your bank account rather than the banks shareholders profits ! And if we can get the incoming bank to cover the costs it’s a win win for you !!
If you’d like more information on how to access refinancing options, simply fill out the form below and we will contact you…
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