"Anymore rate cuts and they'll start giving us money to borrow!". This is something I've heard pretty often lately, and when I do, I can't help but think of the great opportunity being presented in the marketplace right now to take advantage and pay down some debt.
So why aren't people taking advantage like they could?
"New borrowers with an average-sized residential mortgage paid up to $850 less a year in interest than existing borrowers with the same lender"
For many, matters of personal finance are so dull and/or difficult, they are immediately filed in the too-hard basket. And for their trouble, or lack thereof, these people are often slugged with a 'lazy tax' - the price paid for staying put.
Loyalty too, or simply being time-poor, can also be offences punishable by debt in the world of finance, but it doesn’t have to be this way.
A 2018 Australian Competition and Consumer Commission (ACCC) report showed that new borrowers with an average-sized residential mortgage paid up to $850 less a year in interest than existing borrowers with the same lender. However, despite the apparent benefits, actively ensuring an interest rate remains suitable is a practice that continues to elude many.
Fortunately, there are people out there whose job it is to assist in this process.
Finance brokers like myself can play a vital role in assisting borrowers through the process of ensuring their mortgage is competitive - and it doesn't have to mean refinancing to another lender.
All you have to do is contact me and ask me what rate I can obtain for you, overnight, without swapping lenders.
ความคิดเห็น