The thing about taking out a great home loan is... it doesn't always stay great.
We believe that a loan should never be ‘set and forget’. Which is why we’ve instituted our industry-first annual rate review process where we continually negotiate with the chosen lender of all our clients to ensure the lowest possible costs on their loan, year after year. It’s just one of the ways we’re doing finance better!
Here’s a summary of the results we achieved for existing clients during the first half of 2020.
Annual rate review summary / January-June, 2020
For the first six months of the year, we reviewed 132 loan accounts, 82 of which were successful in securing a rate reduction. The average overall monthly saving was $85, or $1,020 annually which is no chump change! We managed to save one particular customer $551 a month, or $6,612 annually. The average rate reduction was very high at 0.31%.
Of these reviews, 89 were for owner-occupied loans, with 58 of these resulting in a successful rate reduction. The average overall monthly saving was $77, or $924 annually. The average overall rate reduction was an impressive 0.30%.
The highest rate discount achieved was an incredible 1.55%, with a largest individual monthly saving of $482, or $5,748 annually. (Which is not bad, even if we do say so ourselves!)
A further 38 reviews were for investment loans, with 24 of these resulting in a successful rate reduction. The average overall monthly saving was $105, or $1,262 annually. The average rate reduction overall was an again impressive 0.31%.
For the investment loans on principal + interest repayments, the highest rate discount achieved was 0.95%, with a largest individual monthly saving of $506, or $6,072 annually.
For those on interest only repayments, the highest rate discount achieved was 0.45%, with a largest individual monthly saving of $190, or $2,280 annually.
Got a home loan, but haven’t got the time (or patience) to review it? We hear you, and we want to help! Get in touch with us here.