While many families may have chosen to buy in their preferred area for the affordability and lifestyle it offers and to be close to work, transport or schools, property prices have climbed considerably over the past years with loan repayments taking a large chunk of people’s income.
For many home buyers the interest rate cuts of 2% since the beginning of the year have offered some relief, however many are still feeling the pressure. On top of that, keeping an eye on interest rates, new loan products and refinance opportunities is not always easy.
But now, finding out if you can save money through refinancing or loan consolidation has gotten a lot easier.
Web portal www.LowerMyRepayments.com.au was set up by Robert Projeski, founder of Australian Mortgage Options, to allow borrowers to quickly and easily assess if they can save money on their home loans. Across some areas home buyers have been able to reduce their repayments by as much as $1000 amount per month. Saving an extra $1000 every month makes a noticeable difference for residents, with many already enjoying the benefits of having been able to lower their repayments.
Property finance expert Robert Projeski from Australian Mortgage Options said “It is surprising to see how many home buyers keep on paying more than necessary simply because they haven’t taken the time to check. Home loans change all the time and with the much lower interest rates now, there are real opportunities to save money.”
Savings will of course vary based on the location of the property and the loan amount and the individual circumstances, but with monthly savings of a few hundred, to in some cases as much as $1300, it is well worth the time and effort to check, he said.
Robert Projeski is the founder of Australian Mortgage Options, winner of over 12 industry awards for their consumer benefit driven loan products. www.amo.com.au