- A small cut to your interest rates can mean big savings
- It's not just the interest rate that can impact the cost of your home loan
With interest rates at record lows, it could be worth reviewing your existing home loan and refinance for a better deal. You could save serious money on both repayments and fees as a result.
Matt Jenkins, Head of Member Acquisition and Onboarding at BankVic, recommends booking a phone or online appointment with a lending specialist to discover which features can save you the most money over the course of your loan.
“Making sure you have the home loan that works best for you is absolutely something people can take control of,” Matthew says.
A small cut can mean big savings
Depending on when you took out your home loan, there's every chance you are paying higher interest than you need to. Even a small cut to your interest rate can provide big annual savings and reduce the financial pressure you're under every month. BankVic's home loan comparison calculator can help you compare your repayments against a new loan rate. For example, on a typical home loan of $400,000 even a small reduction in interest rates can save you hundreds of dollars a month in repayments and tens of thousands over the course of your loan.
Look at the whole picture
It's not just the interest rate that can impact the cost of your home loan. When weighing up the benefits of refinancing, Matt advises home owners to look at any fees and features attached to home loan products, including the service levels offered by the lender.
"Consider what features you want in your next home loan. For example, will an offset account or flexible repayment schedules save you money on repayments? Do you want to speak with your lender whenever you need to, or are you happy to rely on automated chat facilities online?"
“If you want high-quality service and a competitive rate, BankVic has a really good product.”
If you're thinking of refinancing get in touch with our personal lending consultants. Call us us on 13 63 73 or book a time with a mobile lending manager to find out how our lending products are tailored to meet your unique needs.