Here’s an example of why it may pay to find a lower interest rate on your home loan.
For the sake of this example, let’s assume that the rate offered by your lender is 4.73% p.a. for their basic variable home loan, compared to a rate of 4.05% through Australian Unity.
It’s a difference of just 0.68% which doesn’t seem like much, but as you will see below, those savings add up over time. Some interest rates can be a lot more than 0.68% higher than loans we could find for you.
Assuming that rates remain unchanged, with your lender, the standard monthly repayment on a $350,000 loan would be $1,822, and your interest bill over the 30 year loan would be $305,758.
However, if you switched to the loan we arranged for you, your monthly repayment obligation may reduce to $1,682.
If you were to make repayments of the original amount of $1,822 per month, your interest bill over the term of the loan arranged through Australian Unity may be just $215,124 – a saving of $90,634 and you would repay your loan 4.08 years sooner.
That’s not a bad return for just switching your home loan with the help of Australian Unity. Call or email your financial adviser today to help you make the switch and save.
Is the interest rate on your home loan as low as this?
Our mortgage brokers have access to loans from the major banks and other leading lenders – our brokers will help you find the best deal that is appropriate for you.
*Comparison rate based on a secured home loan of $150,000 over a 25 year period. Current as at 7 April 2017. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the costs of the home loan. Terms and conditions, fees and charges and normal lending criteria apply.