Another month, another rate rise. Finance can be so tedious right?
That is until you realise it could mean more money in your pocket. But how?
For many, personal finance can be dull and difficult, and it’s often filed into the too hard basket.
Due to being time-poor or maintaining loyalty to a lender, many people are often slugged with a ‘lazy tax’ – the price paid for staying put.
But it doesn’t have to be this way!
A 2018 Australian Competition and Consumer Commission (ACCC) report showed that new borrowers with an average-sized residential mortgage paid up to $850 less a year in interest than borrowers who stayed with the same lender.
However, despite the apparent benefits, actively ensuring an interest rate remains suitable is a practice that continues to elude many.
Fortunately, there are people out there whose job it is to assist in this process.
Mortgage brokers can play a vital role in assisting borrowers through the process of ensuring their mortgage is competitive.
Contact us, and we can help guide you through the task of refinancing your loan.