How much can I save by refinancing?

Now is a great time to switch to a better mortgage deal because rates are low and there are plenty of great deals around.

By switching a $300,000 30-year home loan from a lender charging 4.69 per cent to a better deal at 3.98 per cent, your monthly repayments could fall by $125.

Switching the average fixed-rate from 4.47 per cent to the lowest rate of 3.94 per cent could  save you $93 per month.

Source: The Daily Telegraph

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