Time to think about your home loan in the same way as you do with your mobile phone plan – suspiciously!
How many of us have had the experience of getting a massive mobile phone bill only to find out that your provider or an alternative has a plan which is far cheaper? You change plans, however are still stuck with the prior bill as unfair as it feels to be. Well the same circumstances can often apply to your mortgage and those numbers can make that phone bill look insignificant by comparison.
Considering your home loan is probably the largest debt that you will ever have and for most of us it’s paid in “after tax” dollars, any ongoing savings can really add up.
If we can understand that many banks save their best rate offerings to attract new clients, it is a very worthwhile exercise to keep a constant watch on what your bank is offering in the market as well as what is available from other mortgage providers.
A saving of just .25% on a $500,000 mortgage over 10 years is $12,500, so it is worthwhile keeping constant watch.
Just like your mobile phone plan, don’t find yourself having paid more interest than you needed to for the past few years.
Would you like a mortgage healthcheck? It’s easy, contact Finlease’s Property Specialist and get one under way.
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