Homeowners could save thousands switching to better mortgages now

first_imgBased on Brisbane’s median house price of $550,000, owner occupiers with a $440,000 loan could make big savings of $4,494 a year switching to a better loan.Homeowners could save close to $4500 a year off their mortgages by shopping for a better loan deal now, new analysis found.Comparison site Finder insights manager Graham Cooke urged more Aussies to look into how to boost savings across multiple cost centres.“At a time when many households are feeling the financial pinch of COVID-19, we urge Aussies to see how their current loan stacks up,” he said. Don Algie cracks open his land piggybank According to Finder calculations, based on a loan size of $440,000, assuming 80 per cent LVR (based on Brisbane’s median house price of $550,000), the annual saving to be had switching to the best owner occupier variable home loan was $4,494 or $134,835 over 30 years.Finder said it arrived at the figures by reviewing the winner’s interest rate in the final quarter of the Finder Awards assessment period (12 months to May 2020) versus the current standard rates quoted by the big four banks.The winning three year fixed best owner occupier home loan saw calculated savings of $506 annually or $15,188 over three decades using that Brisbane data. The best variable investor (P & I) home loan savings were estimated at $4,124pa or $123,705/30years while that of the three year fixed for the investor category was $431pa or $12,942/30years.Mr Cooke said homeowners could also use apps to identify mortgage savings opportunities.“Once you connect your accounts to the (Finder) app, it analyses your spending behaviour, hunts down savings and sends you alerts when it could make financial sense for you to refinance.” LATEST QLD REAL ESTATE NEWS Auction set for epic Gold Coast mansion once listed for $45m “If you’re paying a higher interest rate or steeper fees, it could be time to switch and save.”He said there had never been a more important time to get a savings boost than now.“For an owner-occupier loan (variable), Aussies could save $4,494 per year or $134,835 over 30 years by switching to the best product on the market.”The comments came after the comparison firm’s 2020 awards named Freedom Lend its home loan category winner. Freedom Lend took out three categories in the Finder Awards including best owner occupier home loan – variable, best refinance home loan, and best investor home loan.Finder’s award for best owner occupier home loan – three year fixed was a product by Well Home Loans, while best investor home loan principal and interest three year fixed was awarded to Tic: Toc and best low deposit home loan (owner-occupier variable) was by P & N Bank & Home Loan. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58More from newsParks and wildlife the new lust-haves post coronavirus8 hours agoNoosa’s best beachfront penthouse is about to hit the market8 hours ago MORE: New weapon for property buyers Nuns sell Brisbane laundry for $27mlast_img

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