When was the last time you checked what interest rate you were paying on your loan? Research from UBank has revealed 85 per cent of Australians actually don’t know their home loan rate, compared to 84 per cent last year.
In research done a few years ago by UBank, 44% of people surveyed said they could only recall an approximate figure for their home loan rate while 41% simply didn’t know their interest rate at all.
Regular reviews of your home loan and its interest rate should be a priority for everyone as your situation changes, you need to ensure that all aspects of your finances, including your loans, remain suitable. With current rising interest rates, right now is the perfect time to consider reviewing and potentially refinancing. We recently reviewed one client’s existing home loan and was able to save them $15 per day, which amounted to nearly $5,500 per year and over $153,000 will be saved over the remaining life of the loan.
Buying a home is one of the biggest investments of your life, so it’s really important that you find the right loan that suits your individual needs. Simply knowing your exact home loan rate and monitoring it closely could save you thousands of dollars a year. When you work with us as your mortgage broker, it becomes OUR responsibility to ensure your rate remains competitive against the market.
The research also revealed Aussie’s are feeling financially strained, with 54 per cent admitting that their financial situation is causing worry and stress. The better acquainted you are with your numbers, the less stress you will have, so it is vital that you show an interest in your loan details.
Want someone else to do the ‘heavy lifting’ and work out whether you have a good interest rate? Contact us today for a free review of your loan.
*This information is general in nature and does not take into consideration your individual circumstances. Please contact us for further information.