How much can I save by switching home loans?

An average home loan borrower with a $300,000, 30 year home loan is paying, on average, a home loan rate of 4.95 per cent p.a.

If that borrower switched to the lowest interest rate now available in the market, 3.63 per cent, they would save about $83,000 over the life of the loan. The annual savings would be $2800 per year of about $232 per month.

Source: The Daily Telegraph

Advertisements