RBA governor Philip Lowe has warned Australians that interest rates are likely to increase, while home values may fall.
On the back of this announcement, 3 Big Four banks have hiked variable interest rates.
With this in mind, we’re honing in on a simple way to lower your mortgage costs.
Andrew Russell, the head of home loans at Realestate.com.au, said borrowers need to adapt to reduce mortgage costs quickly.
“The banks are very competitive at the moment so you might find it cheaper if you refinance to a cheaper loan,” he said.
Gateway CEO Paul Thomas said people should aim to review their mortgage every 12 months.
A home loan review is a relatively simple process, especially if you find a good mortgage broker with a portfolio of home loan products.
It’s impossible to put an accurate figure on the amount you will save by reviewing your home loan annually.
Finder.com.au expert Bessie Hassan said many borrowers are becoming more proactive ‘about getting ahead on their home loans’.
While the Real Estate Editor of news.com.au, Michelle Hele said substantial savings could be made.
“Negotiating a cheaper interest rate with an existing lender or refinancing to a new lender could also save substantial money,” she said.
Given the relatively easy process of undergoing a home loan review, these savings are low hanging fruit for borrowers who want to save more on their finance.
Contact a Capita mortgage broker for a home loan review today.
We have more than 30 lenders at our disposal, which means we are able to compare hundreds of home loan products, and find you the most appropriate solution.
Get started now.