It's common to forget minor details like where you parked your car or the winner of the footy league three years ago. However, forgetting the interest rate on your mortgage is a different matter.
Mortgage repayments usually represent one of the largest outlays in a household budget.
Surprisingly, many homeowners are not up-to-date with their current mortgage rates. A recent study by Mozo reveals that over 40% of mortgage holders are unaware of the interest rate they are paying on their home loan, which could be costing them significantly.
How Competitive is Your Mortgage Rate?
Not only are many homeowners uncertain about their rate, but a staggering one in five has never checked other rates since securing their original mortgage.
Your initial loan might have offered a competitive rate, but with the financial landscape continually evolving, particularly with the cash rate at its highest since 2011, reassessing your rate is crucial.
For a quick comparison, you should review your most recent loan statement, which will indicate your current interest rate. Alternatively, contact us for an immediate update.
For context, the average mortgage rate for owner-occupiers is currently around 6.4%, with new home loans slightly lower at 6.3%, as per the Reserve Bank of Australia.
Why Regular Mortgage Reviews Pay Off
Keeping track of your mortgage isn't just about knowing your interest rate. Your needs might have shifted since you first took out your loan, possibly requiring different loan features to match your current lifestyle and financial goals.
We recommend reviewing your mortgage annually or after significant life events, such as expanding your family.
Contact us for a comprehensive mortgage review, where we can discuss:
Considering Refinancing?
If you're contemplating whether a better mortgage deal is possible, don't hesitate to reach out. We're here to explore your refinancing options, helping you determine if it's the right move and how much you could potentially save by switching your loan or lender.
Stay informed about your mortgage options in Queensland, Brisbane, the Gold Coast, and Townsville to ensure you are leveraging the best terms available for your home loan, refinance, or car loan.
To learn more, contact Premium Finance Group Australia at (07) 4720 8888 or email us at finance@pfga.com.au in Queensland.
Disclaimer: The content of this article is general and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your situation and may not be relevant to circumstances. Before taking any action, consider your particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent.
