According to research done by Galaxy Research for mortgage brokers iSelect, 29% of Queenslanders with a mortgage have never refinanced and 16% have not done so in the past 10 years, despite the possible financial benefits.

Almost three-quarters of those who have not refinanced their loan in the last ten years, haven’t done so because of the perceived cost, lack of knowledge, time constraints or hassle.

This is despite the RBA dropped interest rates significantly in the past 10 years from 6.25 per cent in February 2007 to 1.5 per cent in February 2017.

Due to underestimating the savings that could be gained by switching to a new loan with a lower interest rate, many Queensland households are paying much more than they need to on their mortgage repayments.

For example: Based $350,000 principal and interest loan, with a 6.00% p.a. interest rate, calculated over a 3-year term, you could save approximately $110 per month for every 0.5% you negotiate off your home loan.

We’ve got good news for you – a Coronis Mortgage Broker has all the knowledge and does all the hard work for you.

Book your free consultation today by filling in the form below. We’ll ask a few questions in regards to your current lending, and take it from there.

Article originally sourced from realestate.com.au

Spread the love