Let’s face it, for the most part we all have busy lives making it very easy for us to get into the rhythm of paying the mortgage on our owner occupier or investment properties without a second thought and not asking ourselves the question… “can I get a more competitive interest rate?”. Perhaps the market has changed? Maybe you have more equity in your owner-occupier property? Is there another lender offering a more competitive loan? All of these variables could translate to potential savings for you. Here’s how our latest client success story begins…
What was the situation?
Our clients had two investment properties and two investment loans that were both great products for them at the time of the original approval. Both properties were secured against their owner occupier property, but they were paying investment loan rates (usually 0.6% per annum higher than owner occupied rates). Over time they had made principle and interest payments towards both investment properties. They were happy to continue to do so however they were seeking a more competitive interest rate.
What finance solution did we provide?
Our expert Launch Finance broker worked through our multiple lender options and was able to secure a more competitive rate for both loans by refinancing with a lender who would offer owner occupied rates on investment loans as long as they were secured by owner occupied property! This was excellent news for our clients as this meant they were able to save substantially on their interest bill each month!
What were the benefits?
Needless to say, our client was incredibly happy with the outcome. By refinancing they were able to secure a far more competitive rate saving them approximately $6,000 per year! That’s a great lump sum to put towards the principle each year or perhaps treat yourself to a well-deserved overseas holiday.
Want to learn more? Watch more refinancing success stories here.
This is a very common example of how you can benefit with ease and SAVE by having a chat with one of our brokers to ‘Review Your Finances’ and assess where the opportunities in the market lie for you. Contact your broker today on(08) 9367 4222 , [email protected] or fill out the form on this page to arrange an appointment and we can let you know your options!