If you have a home loan of $400,000.00, in the following cases you can save considerable money. Loan repayments shown are calculated at principal and interest over a 30 year term.
Caution, very low interest rates incur much higher deposits of up to 30%.
In the first case if you have a home loan of $400,000.00 and only pay 3.59% interest, your repayments would calculate at $1,816.33 per mth at variable principal and interest rates.
If you are currently paying 0.50% more per mth or 4.09% per annum then your payment would be $1,930.00 per mth costing you an extra $114.00 per mth that you could be saving.
If you are paying 4.59% per month 1% more than 3.59% then you are costing yourself $231.00 per mth more than what you should be paying.
If you are paying 5.00%, then you are costing yourself $330.96 per month that you should abe saving.
Anything over 5.00% without good reason, then your payments are totally out of hand. “Speak To Your Broker”, who will direct you to the lowest possible interest rate for your specific circumstances.
Again, if your home loan is over $400,000.00 you may save considerably more.
We are in favour of saving you money rather than seeing you misinformed and out of pocket
With changes in the banking system, Investment loans are at slightly different interest rates these days, however, interest only may be applied.
**Comparison rate warning
Comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only.
WARNING: This Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison rate.