Are You Paying Too Much Interest On Your Mortgage?

As we approach the end of 2018, it’s time to start thinking about changes that can be made in the new year. Whether that’s starting a new job, adding a new colour of paint to your home or reviewing your finances, it’s always a good idea to start next year on the right foot.

First things first, ask yourself: “Am I paying too much interest on my mortgage?”

With the competition amongst lenders constantly heating up, many lenders are offering rates below 4%. As a result, now is a great time for borrowers to review their current home loan to ensure that they are receiving the best deal possible.

The team here at Rostron Finance have strong relationships with a multitude of lenders that have the ability to provide you with interest rates of as little as 3.69%.

If your home loan rating currently starts with the number 5, you’re definitely not in the most appropriate scenario and you could be saving so much more with even a slight drop in interest.

How much will I save?

A typical mortgage is approximately $300,000. If you’re current rate is set at 5.2% and it is dropped to 3.69% you’ll be saving approximate $4,500 a year in interest alone. That’s around $90,000 over the next 20 years!

How hard is it to switch lenders?

By speaking to one of the mortgage brokers here at Rostron Mortgages, you’ll be able to become fully informed of all fees and costs that are involved in switching lenders. The process is quite simple and the cost required for discharge fees etc are small compared to how much you’ll be saving when you make the switch.

How do I find out if I’m paying too much?

Rostron Mortgages are specialists when it comes to assisting you in obtaining a mortgage as well as refinancing your loan. To find out more information about your current interest rate and receive recommendations to help you save, contact us today on 1300 70 70 39.