Posted by Paul Ryan on 27-March-2012, 04:23 PM
Co founder of Wizard Home Loans in 1996 and in 2007 launched new non bank lending business Opportune Home Loans. Having 20 years experience in home loan lending there are two key components to ensure all consumers receive a better home loans experience, a healthy mortgage market and greater education for consumers to understand more about their mortgage and financial stability.
I filled up with petrol last night and paid $1.59 a litre. It usually costs me about $70 for a tank – yesterday I stopped the pump at $80 and to my frustration when I got back into the car it still wasn’t full.
I noticed a couple of other people only put in about $20 worth. Maybe they were in a hurry, but I guessed they were hoping in a couple of days prices might come down again.
On a family sized car, a 10c increase can add an extra $5 - $6 per tank. If you’re filling up once a week then that’s an extra $312 you need to find a year.
It got me thinking about how many people could make up for what they’re losing at the bowser simply by switching their home loan.
If you were to get a .25% interest rate reduction on a $300k home loan you’d save $750 a year!
Not only would that soak up the extra fuel costs but it would even leave you with some left over change.
There is no better time to ask your lender about refinancing your home loan.