You could be losing over $50,000 by not knowing your current mortgage interest rate!

It's a fact, we all work very hard for our money so wouldn't you be interested to know if you were losing a cool $50,000 over the term of your loan just by not checking your mortgage interest rate? Don't feel bad if you don't know what your rate is off the top of your head, because the facts are, most people I speak to have no clue what their current mortgage rate is. We are all guilty of it. We take out a home loan that suits us at that time and then we tend to just let it work away in the background while we get on with all the other things in life that take up our time. The reserve bank rates change and lenders also change their rates and the next thing you know it could be 3 years down the track and you have no clue what your rate is right now. But not knowing what your current rate is could be costing your thousands.

The facts are, it only takes you minutes to grab your latest statement and check what interest rate you are on, and that could save you thousands

Let's look at an example of how a rate of say 7.38% compares to a rate of 6.34% (a 1.04% difference) and a remaining loan term of 27 years.

Interest Rate 7.38% 6.34%
Loan Amount $250,000 $250,000
Term 27 27
Total Repayments over the term assuming standard P&I payments are made $577,348 $522,755
Difference over term of loan

$54,593

So ask yourself this question; Is it worth putting a reminder in my phone for tonight to check my loan statement and find out what my interest rate is?

If the answers yes and you'd like to work out just how much you could possibly save, feel free to click through to our Complete home loan comparisonComplete home loan comparison calculator where you can enter your all your own details.

And of course if you find that switching interest rates could mean a great saving to your wallet, give us a call, send us an enquiry or complete a home loan health check and one of our consultants can get in touch to give you some more advice.

Happy Saving!

Current as at 6th March 2012


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