Switch loans to save thousands every year

Switching to a home loan with a lower interest rate can save borrowers thousands of dollars per year and much less interest over the life of your loan.

Dropping half a percentage point from 5.7 per cent to 5.20 per cent on a 25 year, $400,000 mortgage would cut monthly repayments from $2,504 to $2,385 – a saving of $1,428 per year.

Fully featured online home loans are on the market with comparison rates in low five per cent range presenting some great savings opportunities for borrowers.

Source: Perth Now