The very exciting RBA has kept the official interest rates on hold at historically low levels again. A lot of people have been refinancing to take advantage of this or fixing their loans, but have you considered this: If you took your loan out a few years ago and paid mortgage insurance, you are still paying for it now through interest payments on your original loan amount. If you have built up some equity over that period you may be able to refinance at a better rate AND WITHOUT MORTGAGE INSURANCE. If you have mortgage repayments of $1,500 a month and $50 dollars of that is covering your mortgage insurance, refinancing so your $1,500 doesnt contain that $50 dollars insurance component would save you nearly $10,000 over the life of a typical loan at 5% interest. Mmmmmm, $10,000 dollars. Remember, talking to your friendly broker is free and might just save you thousands, so get in touch, (and tell your friends about me).
Posted on: Tue, 04 Mar 2014 04:37:16 +0000
Trending Topics
Recently Viewed Topics
© 2015