One reason why many people refinance their home loan is to save money. Depending on the interest rate that you are currently paying on your home loan, refinancing could save you a significant amount of money.
The information given below on money saved through home refinance is from the eBook that we are offering to you free of charge, Insider’s Guide to Home Refinance. Click here to go to the download page and get your free copy today!
How much can you save by refinancing?
The interest savings from home refinance will depend on the interest rate you are currently paying on your home loan and how long it is going to take you to pay it off. The graph below compares 30 year principal and interest loans with a variety of interest rates. The bar is an indication of how much might be saved over the 30 year term changing from a loan with 6.5% interest to one with a lower rate. It doesn’t factor in any change over costs, but those would be quite insignificant considering the amount saved in these illustrations.
This gives you a good idea of how much can be saved by home loan refinance in the circumstances illustrated. The precise amount you can save in refinancing your home loan will vary depending on the actual interest rates involved and how long you take to repay your loan, but it’s clear that the rate makes a big difference. That can be a huge motivation towards refinancing.
State Custodians Home Loans for Home Refinance
One of the most common loans used to refinance an existing loan is the Standard Variable Offset Home Loan. It has very attractive interest rates and award winning features. Click on the link for details. Should you have a smaller loan, a Breathe Easy Offset Home Loan might be best for you. It has no upfront or ongoing regular fees, but a slightly higher interest rate. Both have the same features when it comes to function. Give us a call and we will help you work out which is best in your situation.