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Why would you refinance your home loan?

Refinancing has a few key benefits that can help you increase your monthly cashflow by reducing your home loan obligations. It can also be a great way to save on unnecessarily paying excessive interest to one bank. That money would look a whole lot better sitting in your account.


Are you being taken advantage of?

We’ve all had that friend haven’t we? You thought you were best friends only to find out they’ve been going to Sunday brunch with their “new” friend from work, enjoying those bottomless mimosas behind your back. How could they! I mean, after all those years, you’d think they’d have your best ‘interest’ at heart (no pun intended). Well, that’s pretty much how the banks operate. You’ve been a loyal customer to them for years, only to find out that they’ve been charging you more than their new customers. This is called ‘Loyalty tax’ and it’s a sad reality of the banking world. But it’s not all doom & gloom, there’s an easy fix. We recommend our clients to review their home loan needs, realistically, every 2-3 years to make sure that they benefit from that ‘new customer treatment' every once in a while.


Now, with the average lifespan of a mortgage sitting around 3 years before being taken to another bank, it seems like consumers have caught on. However, in saying that, you’d be surprised by the number of new clients that we help that have been with the same bank for 5 to 10 years. Only to find out they were charged 1-2% more than new customers, all while thinking that they were being looked after for being a ‘loyal customer’. That's a lot of money you could've spent on taking yourself out to brunch. Unfortunately, it seems loyalty isn't rewarded in the banking world today and customers need to put themselves first. 

Things to consider when refinancing

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1300 914 536
152 St Georges Terrace Perth WA 6000
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ABN 73 891 325 822

Credit Representative Number 552601 is authorised under Australian Credit Licence Number 391829

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