A Typical Switch To Save’ Enquiry


October 26, 2016

Quick Links

  • A typical Refinancing.com.au customer could reduce their current monthly payment of $2780 by $266 per month, a potential saving of almost $80,000 over the life of the loan.
A Typical Switch To Save Enquiry

Borrower A inputs their current loan details into the Refinancing.com.au engine, with the view to qualifying for a better deal.

Within minutes a tailored report is emailed revealing that Borrower A may qualify for a new home loan deal with the Bank of Sydney – with a new annual percentage rate of 3.54% (comparison rate 3.55%).

This can reduce their current monthly payment of $2780 by $266 per month (new payment $2,514), resulting in a potential saving of almost $80,000 over the life of the loan.

Borrower A inputs:

Borrower type Property value Loan amount Current interest rate Current term
Owner-occupier $650,000 $500,000 4.50% 25 years

 

Terms & Conditions:

These results are based on the information provided and do not constitute financial advice.

Terms and conditions, fees and charges and normal lending criteria apply. Loan Repayments are an estimate only and exclude fees. Comparison rate is based on a loan of $150,000 over 25 years.

WARNING: This comparison rate is true only for the example or examples given and may not include all fees and charges. Different terms, fees and other loan amounts may result in a different comparison rate.

Approximate Savings is the difference between the repayment of the existing loan and the new advertised interest rate, and is based on the loan term stated. It assumes interest rates do not change during this period, and it does not include ongoing fees.

Discharge fees, lenders mortgage insurance, and break costs are not considered, and need to be obtained from your lender. This does not constitute a quote or pre-approval.

(Figures based on information at 19 September 2016)


Written by Refinancing.com.au

Tags:


How much could you save?

Speak to a Refinancing expert.

By submitting this form you're accepting eChoice's Privacy Policy & Credit Guide.