If you’re unsure what your home loan rate is then you’re certainly not the only one, with the Australian Mortgage Council finding that nearly one in three Australians don’t know this important piece of information about their finances.
What this means is that many homeowners are probably paying more interest on their loans than they need to be. The official cash rate has dropped 2.25% since February 2012, however that doesn’t necessarily mean that your lender has passed on the savings.
It is definitely worth calling up your home loan provider to find out the interest rate you’re paying and comparing it to what else is available on the market.
A lot of banks offer attractive deals to encourage new customers, but before you think about switching it is well worth talking to your current provider to see if they can improve their own offering to keep your business – you might be surprised by the savings you can make by simply making a phone call.
Homeowners should really be reviewing their home loan every few years and comparing it to what else is on the market. Keep in mind that you shouldn’t just compare the interest rate figure, there are plenty of other things that might help you save money such as redraw facilities and flexible repayment options.
If you need help comparing your options, Professionals Finance can be of assistance. Our team of experienced brokers have great relationships with Australia’s leading lenders and access to the most competitive finance deals. Whether you’re a first home buyer, property investor, or commercial developer, our team of brokers can help you find the best finance deal to meet your borrowing needs.
To find out more about Professionals Finance, visit www.professionalsfinance.com.au.