Happy New Year, Happy New Home Loan

A new home home loan could save you thousands this year, and every year. Switching to a new lender and refinancing has become a lot easier and cheaper in the last few years, thanks to government reforms. And Infochoice helps you compare loans from all the major lenders in Australia.

 

How much can I save by refinancing?

By moving an average sized Australian mortgage (which is $373,000) from an average big bank mortgage rate (which is about 5.25 per cent according to Fairfax Media) to one of the cheapest loans in the market (charging about 3.35 per cent) you could pocket about $4,773.00 per year. Can you afford NOT to refinance?

Find out exactly how much you can save by refinancing by using the Infochoice Refinance Calculator. You can compare your existing loan to another loan using the Infochoice Home Loan Comparison Calculator. Work out how much you can afford to borrow with the Infochoice Borrowing Power Calculator.

 

What are the best home loan rates in Australia right now?

In 2017, the best rates in the Australian home loan market are all under four per cent. If you are paying more than five per cent for a home loan, you will save thousands of dollars by switching to a cheaper deal.

 

For example, homestar’s Basic Refinance loan is currently charging 3.36 per cent (3.40 per cent comparison rate)

 

Mortgage House’s Pure & Simple Spring Special has a headline variable rate and a comparison rate of 3.39 per cent.

 

Loans.com.au’s Essentials 80 PI loan has a variable rate of 3.59 per cent (comparison rate 3.61 per cent).

 

All these loans and many others now listed on InfoChoice’s Home Loan comparison tables could save you thousands of dollars this year. Make 2017 a better year for your finances, with InfoChoice.

 

Source: infochoice.com.au

 

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