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Borrowers in the dark about money-saving mortgage strategies

Lack of knowledge can lead to overpaying on the mortgage

Pop Quiz: What interest rate are you paying on your home loan? If you aren’t able to answer that question, you’re not alone. A new study shows that 85 percent of Aussies don’t know their interest rate.*

A lack of concrete knowledge about your interest rate could cost you thousands over the life of your loan. For example, if you think your rate is ‘around 4 percent’ but it is more like 4.25, be prepared to shell out the big bucks.

A 4.25 percent interest rate on a 30-year, 350,000 dollar loan could cost you 18,000 dollars more than the same loan at a 4.00 percent interest rate. What seems like a small difference can add up to a significant number over time, costing you a fortune.

For Aussies who want to save on their mortgage, the first step is to find out exactly what your interest rate is. Once you have that information, you’re ready to compare home loans with HomeLoansAustralia.com.au. Start by selecting the amount you wish to borrow and within minutes you’ll have a clear picture of the top 3 loan offers available to you.  

Here’s How You Do It:

Step 1: Select your type of property below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

If you are in the 15 percent of Australians who do know their interest rate, then you’re ready to get the ball rolling on lowering your home loan costs. Shop around to find a better price and lock it in while the rate is still available.

Trying to find a great deal on home loans by yourself can be confusing. There aren’t just interest rates to consider. There are also fees, loan types, and lenders to think about. That’s why it pays to use Home Loans Australia, because you’ll have access to free, unbiased advice on how to save on your home loan.

A home loan expert will be able to help you identify which home loan offers you the most value, plus they’ll take care of the paperwork for you. Switching lenders does not have to be a painful process. In fact, it should be the opposite, because saving money on a home loan feels pretty good.

Whether you’re a first time homebuyer or looking to refinance, remember that lenders want your business. By staying on top of your interest rate, you can compare home loans and make an informed decision on which mortgage to choose. After all—knowledge is power.
*UBank, Know Your Numbers Index, 2017

Get Started Now:

Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

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