Another month, another rate cut. What does this mean for my home loan?
“It could mean more money in your pocket,” says Teo Torrelli of MKS Lending Group.
But how?
For many, matters of personal finance are so dull and/or difficult, they are immediately filed in the too-hard basket.
And for their trouble, or lack thereof, these people are often slugged with a ‘lazy tax’ – the price paid for staying put.
Loyalty too, or simply being time-poor, can also be punishable by paying too much for your home loan!
But it doesn’t have to be this way.
A recent Australian Competition and Consumer Commission (ACCC) report showed that new borrowers with an average-sized residential mortgage paid up to $2,500 less a year in interest, than existing borrowers 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, Teo Torrelli at MKS Lending Group is here to assist in this process.
Mortgage Brokers play a vital role in assisting borrowers through the process of ensuring their mortgage is competitive.
Teo Torrelli, Director MKS Lending Group has been arranging loans since 1985 and is ready to guide you through the task of refinancing your loan.
T: 0419 512 833