ANZ, Westpac, NAB and the CBA have all announced that they would not pass on the interest rates cuts made by the RBA on their standard variable-rate mortgage products.
So, if you think it’s time for a better deal, please keep reading….
Here’s what we achieved for one of our clients this week by refinancing their loan – resulting in a HUGE WIN for them…… and in record time!!
(They have an investment property which they wanted to refinance from their current split loan structure (part fixed & part variable) to improve their cashflow.)
New home loan benefits
- Variable loan account result: rate dropped from 3.93% to 3.19%
- Fixed loan account result: rate dropped from 3.99% to 2.69% plus extended their interest only period
- Interest saved = $310 per month
- Repayments reduced from $1664 to $594 per month- a saving of $1,070 per month. This could save them many years off their mortgage!
- Application lodged to formal approval and loan documents issued in just 2 business days!
- Fully online application and loan documents process
- This particular funder uses Digital Mortgages – customers no longer need to print their mortgage documents if the property is located in either NSW or Victoria. They’re signed online, safely and securely.
- The application was lodged on Friday afternoon at 2.30pm.
- We received conditional approval just 4.5 business hours later.. on Monday morning at 11am, with only subject to valuation.
- The valuation was then received at 6:30pm Monday
- Formal approval issued at 9:45am Tuesday
- Loan documents were issued electronically at 3:30pm the same day.
- They received a refinance rebate cash benefit of $2,000
Our “tech nerd” Client (“his words” ), enjoyed the fully online, new generation of banks we’re using!
If you would like to get some advice on refinancing your current loan, please feel free to call us on 8004 2222 or book in a time to chat with George.
PS This article is prepared based on general information. It does not take into account individual financial or property objectives or needs and is not financial product or investment advice.