Interest rates are at an all time low. Every time there is an interest rate change the first thought to go through the minds of thousands of mortgage-holders is, “could we change lenders to get a better deal?” Not regularly reviewing your lending is mistake that can cost you thousands each year. At Fusion, we make the process easy for you with our qualified lending advisers / mortgage brokers who will look at the bigger picture for you help you find the right loan to best suit your needs.
A lending adviser will help you do the homework to help you achieve a great outcome. There’s much more to a lender than just the interest rate. For example…
Fees and penalties.
Although exit fees are now history, other fees such as application fees, stamp duty, valuation fees and mortgage insurance may still apply. We do this research for you so you can properly evaluate the potential savings on interest.
Can you get a discount?
Do you actually know for sure what interest rate you are currently paying? Some lenders offer significant discounts to their published rates, but you have to know how to access these benefits. A 0.5% discount on $500,000 of mortage debt will save you $2,500 each year of interest charges, which equates to almost $4,500 per year of pre-tax earnings for those in higher tax brackets.
What are your longer term plans?
It is important to consider now if the home you are living in you would like to convert into an investment property when you upgrade to your next home. Failure to consider and plan for this can cost you thousands of dollars each year in future tax benefits.
These are just a few options to help you achieve some savings on your mortgage. Interest rates are an unknown beast so instead of reacting each time there is a change, check your own personal situation then consult with a professional who can give you the right information. It’s too late after you’ve made the leap.
A broker will also help achieve the best result for you (not the best result for the bank) and will compare hundreds of the most reputable, researched and quality loans from around the county, all in the one place for you.
We look forward to helping you find the right mortgage or refinancing option to meet your needs and lifestyle. Call Fusion NOW to set up a meeting with one of our lending advisers on 1300 038 746.