Why consider refinancing your mortgage?
In Australia today, lenders are constantly trying to outdo one another to attract more customers and sharpen their pencils, especially if they think there’s a chance of losing a customer.
In other words, there’s no better time than now to re-look at what you’re paying for your mortgage, and see if there is any opportunity for you to cut corners and save, save, save.
The Reserve Bank of Australia (RBA) is at an all-time historical low. In turn, most lenders are offering the lowest home loan rates EVER seen. *As an example, let’s assume a mortgage of $380,320 at the average interest rate of 5.22%. If you refinanced at today’s average variable rate (4.64%) you would save $134 per month ($1,608 pa).
